KEYCORP RAISES ITS PRIME LENDING RATE TO 7.50 PERCENT

Rhea-AI Summary

KeyCorp has announced an increase in its prime lending rate from 7.00% to 7.50%, effective December 15, 2022. This change reflects ongoing trends in the financial services sector and could impact borrowing costs across key markets.

With assets totaling approximately $190.1 billion as of September 30, 2022, KeyCorp operates a comprehensive banking network, offering various financial services through around 1,000 branches and approximately 1,300 ATMs across 15 states.

Positive

• Increased prime lending rate to 7.50% may enhance interest income.

Negative

• Higher lending rates could lead to reduced borrowing demand.

CLEVELAND, Dec. 14, 2022 /PRNewswire/ -- KeyCorp (NYSE: KEY) and its banking affiliates have raised their prime lending rate to 7.50 percent from 7.00 percent, effective tomorrow, December 15, 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?

KeyCorp has raised its prime lending rate to 7.50%, effective December 15, 2022.

How much are KeyCorp's total assets?

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

When will KeyCorp's new lending rate take effect?

The new prime lending rate will take effect on December 15, 2022.

How many branches does KeyCorp have?

KeyCorp operates approximately 1,000 branches across 15 states.