CLEVELAND, July 26, 2023 /PRNewswire/ -- KeyCorp (NYSE: KEY) and its banking affiliates have raised their prime lending rate to 8.50 percent from 8.25 percent, effective tomorrow, July 27, 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 $195 billion at June 30, 2023. 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
Why did KeyCorp raise its prime lending rate?
KeyCorp raised its prime lending rate to 8.50 percent from 8.25 percent, effective July 27, 2023, likely in response to changing market conditions and to maintain profitability.
How will the increase in the prime lending rate affect borrowers?
Borrowers may face higher borrowing costs due to the increase in the prime lending rate, potentially impacting their ability to access credit and manage their financial obligations.
What does the increase in the prime lending rate indicate about the economy?
The increase in the prime lending rate suggests that KeyCorp and its banking affiliates are optimistic about the economic outlook, as higher rates can reflect expectations of improved economic conditions.
How will the increase in the prime lending rate impact KeyCorp's financial performance?
The increase in the prime lending rate could potentially boost KeyCorp's interest income, contributing to improved financial performance.
What are the implications of the prime lending rate increase for investors?
Investors should monitor how the increase in the prime lending rate affects KeyCorp's profitability and overall financial health, as it could impact stock performance and investor sentiment.
