KeyCorp Closes On Sale Of Victory Capital Management And Affiliate
CLEVELAND, Aug. 1, 2013 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced today that it has closed on its agreement to sell Victory Capital Management and its broker dealer affiliate Victory Capital Advisers to the employees of Victory (VRY) and Crestview Partners, a leading private equity firm based in New York.
KeyCorp's net after-tax realized gain from the sale is expected to be in the range of $100 million to $115 million. The cash portion of this gain will be between $75 million and $90 million, and Key intends to use these cash proceeds for common share repurchases.
About KeyCorp (KEY)
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key had assets of approximately $90.6 billion at June 30, 2013.
Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses under the name KeyBank National Association. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.