KEYCORP RAISES ITS PRIME LENDING RATE TO 7.00 PERCENT

Rhea-AI Summary

KeyCorp has announced an increase in its prime lending rate from 6.25% to 7.00%, effective November 3, 2022. This change reflects adjustments in market conditions and may impact borrowers and investors.

As of September 30, 2022, KeyCorp holds approximately $190.1 billion in assets and offers a wide range of financial services through its KeyBank and KeyBanc Capital Markets divisions across 15 states.

Positive

• KeyCorp's asset base is strong at approximately $190.1 billion as of September 30, 2022.

Negative

• The increase in the prime lending rate may raise borrowing costs for customers, impacting loan demand.

CLEVELAND, Nov. 2, 2022 /PRNewswire/ -- KeyCorp (NYSE: KEY) and its banking affiliates have raised their prime lending rate to 7.00 percent from 6.25 percent, effective tomorrow, November 3, 2022.

About KeyCorp
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $190.1 billion at September 30, 2022. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. 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. 

 

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SOURCE KeyCorp

FAQ

What is the new prime lending rate for KeyCorp as of November 3, 2022?

KeyCorp has raised its prime lending rate to 7.00% effective November 3, 2022.

How does the new prime lending rate affect KeyCorp's customers?

The increase in the prime lending rate may lead to higher borrowing costs for customers, potentially decreasing loan demand.

What are KeyCorp's total assets as of September 30, 2022?

As of September 30, 2022, KeyCorp's total assets amount to approximately $190.1 billion.

In how many states does KeyCorp operate?

KeyCorp provides services in 15 states under the name KeyBank National Association.