KEYCORP RAISES ITS PRIME LENDING RATE TO 5.5 PERCENT

Rhea-AI Summary

KeyCorp (NYSE: KEY) has announced an increase in its prime lending rate from 4.75% to 5.5%, effective July 28, 2022. This decision reflects current economic conditions and aims to align with market trends. Headquartered in Cleveland, Ohio, KeyCorp is a significant player in the banking sector, with approximately $187 billion in assets as of June 30, 2022. The bank provides various financial services across 15 states with a network of around 1,000 branches.

Positive

• Increase in prime lending rate may indicate stronger economic conditions.
• KeyCorp maintains robust asset base of approximately $187 billion.

Negative

• Higher lending rates could lead to reduced borrowing demand from consumers and businesses.

CLEVELAND, July 27, 2022 /PRNewswire/ -- KeyCorp (NYSE: KEY) and its banking affiliates have raised their prime lending rate to 5.5 percent from 4.75 percent, effective tomorrow, July 28, 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 $187.0 billion at June 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 5.5% from 4.75%, effective July 28, 2022.

When did KeyCorp implement the new prime lending rate?

The new prime lending rate became effective on July 28, 2022.

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

KeyCorp's assets were approximately $187 billion as of June 30, 2022.

How many branches does KeyCorp operate?

KeyCorp operates around 1,000 branches across 15 states.