Keycorp
KeyCorp, organized in 1958 under the laws of the state of Ohio, is headquartered
in Cleveland, Ohio. It has elected to be a bank holding company and a financial
holding company under the Bank Holding Company Act of 1956, as amended (“BHCA”).
KeyCorp is one of the nation’s largest bank-based financial services companies.
Its subsidiaries provide a wide range of retail and commercial banking, commercial
leasing, investment management, consumer finance and investment banking products
and services to individual, corporate and institutional clients through three
major business groups: Consumer Banking, Corporate and Investment Banking and
Investment Management Services.
In addition to the customary banking services of accepting deposits and making
loans, KeyCorp’s bank and trust company subsidiaries provide specialized services,
including personal and corporate trust services, personal financial services,
customer access to mutual funds, cash management services, investment banking
and capital markets products, and international banking services. Through its
subsidiary banks, trust company and registered investment adviser subsidiaries,
KeyCorp provides investment management services to individual and institutional
clients, including large corporate and public retirement plans, foundations
and endowments, high net worth individuals and Taft-Hartley plans (i.e., multiemployer
trust funds established for providing pension, vacation or other benefits to
employees).
KeyCorp provides other financial services both inside and outside of its primary
banking markets through its nonbank subsidiaries. These services include accident
and health insurance on loans made by subsidiary banks, principal investing,
community development financing, securities underwriting and brokerage and other
financial services. KeyCorp is an equity participant in a joint venture with
Key Merchant Services, LLC, which provides merchant services to businesses.
KeyCorp is a legal entity separate and distinct from its banking and other
subsidiaries. Accordingly, the right of KeyCorp, its security holders and its
creditors to participate in any distribution of the assets or earnings of KeyCorp’s
banking and other subsidiaries is subject to the prior claims of the respective
creditors of such banking and other subsidiaries, except to the extent that
KeyCorp’s claims in its capacity as creditor of such banking and other subsidiaries
may be recognized.
Competition
The market for banking and related financial services is highly competitive.
KeyCorp and its subsidiaries (“Key”) compete with other providers of financial
services, such as bank holding companies, commercial banks, savings associations,
credit unions, mortgage banking companies, finance companies, mutual funds,
insurance companies, investment management firms, investment banking firms,
broker-dealers and other local, regional and national institutions which offer
financial services. Key competes by offering quality products and innovative
services at competitive prices.
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