KEYCORP RAISES ITS PRIME LENDING RATE TO 8.00 PERCENT

Rhea-AI Summary

KeyCorp has announced an increase in its prime lending rate from 7.75% to 8.00%, effective March 23, 2023. This decision reflects adjustments to the economic landscape and impacts borrowing costs for consumers and businesses. KeyCorp, headquartered in Cleveland, Ohio, is a significant player in the financial services industry, managing assets of approximately $189.8 billion as of December 31, 2022. The increase in the prime rate may influence lending activity and overall market dynamics.

Positive

• KeyCorp's assets totaled approximately $189.8 billion as of December 31, 2022.
• The increase in prime lending rate may enhance interest income.

Negative

• Higher prime lending rates could reduce borrowing demand, potentially impacting loan growth.

CLEVELAND, March 22, 2023 /PRNewswire/ -- KeyCorp (NYSE: KEY) and its banking affiliates have raised their prime lending rate to 8.00 percent from 7.75 percent, effective tomorrow, March 23, 2023.

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 $189.8 billion at December 31, 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 KeyCorp's new prime lending rate?

KeyCorp's new prime lending rate is 8.00%, effective March 23, 2023.

When did KeyCorp raise its prime lending rate?

KeyCorp raised its prime lending rate on March 22, 2023.

What was KeyCorp's prime lending rate before the increase?

Before the increase, KeyCorp's prime lending rate was 7.75%.

How does KeyCorp's prime lending rate affect borrowers?

The increase in the prime lending rate raises borrowing costs for consumers and businesses.