Strategic Entry into Western Europe Strengthens Key's Leading Middle Market M&A Franchise

CLEVELAND, April 22, 2026 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced a definitive agreement to acquire Clearwater Corporate Finance LLP (Clearwater UK), a leading UK-based middle market investment banking advisory firm. The transaction will mark Key's strategic entry into the Western European market, expanding its ability to provide financial advisory services to institutional clients.

The transaction builds on a collaboration agreement established in 2020 between KeyBanc Capital Markets Inc. and Clearwater. This multi-year partnership has validated the strategic and cultural compatibility between the organizations. The agreement covers the UK entity with the intent of strengthening collaboration across Clearwater's broader European network.

The combined platform will offer US-based private equity sponsors and corporate clients access to European acquisition targets and exit strategies, while providing European clients with access to the US M&A market.

"Years of collaboration with Clearwater has generated significant value for clients on both sides of the Atlantic," said Randy Paine, President of Key Institutional Bank. "This transaction is the natural next step in the relationship and directly supports our institutional banking growth strategy."

"This is a significant milestone for Clearwater UK's growth story," Mark Taylor, Chief Executive Officer at Clearwater UK said. "Having partnered with Key for many years, we are confident that both organizations know each other well and that our values and cultures closely align. Importantly, our service offering to clients and core market will remain unchanged, only enhanced."

The transaction is subject to required regulatory approvals, including approval by the UK Financial Conduct Authority, and customary closing conditions and is expected to close in the second half of 2026. KeyBanc Capital Markets is serving as exclusive financial advisor to KeyCorp and Davis Polk & Wardwell LLP is acting as transaction counsel. Clearwater UK is serving as exclusive financial advisor to Clearwater Corporate Finance LLP and Browne Jacobson is acting as transaction counsel.

About Clearwater UK
Clearwater UK focuses on providing corporate finance advice for mid-market transactions including M&A, private equity and debt advisory. Across its ten sectors covering automotive, business services, consumer, energy and utilities, financial services, food and beverage, healthcare, industrials and chemicals, real estate, and tech, as well as its debt advisory and private equity specialists, the team provides in-depth knowledge and industry experience to every project. The UK business has offices in Birmingham, London, Leeds and Manchester.

About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to emerging growth and middle market companies, private equity firms and asset managers. Our deep industry expertise, broad capabilities and unique ideas and execution capabilities are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Financial Services, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables and Technology verticals. With more than 800 professionals across a national platform, KeyBanc Capital Markets has raised more than $125 billion of capital over the last twelve months for its clients and has an award-winning equity research team that provides coverage on over 500 publicly traded companies.

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp® and its subsidiaries, KeyBanc Capital Markets Inc., Member FINRA/SIPC ("KBCM"), and KeyBank National Association ("KeyBank N.A."), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives. Banking products and services are offered by KeyBank N.A. Securities products and services: Not FDIC Insured • No Bank Guarantee • May Lose Value

About KeyCorp
KeyCorp's roots trace back more than 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 billion at March 31, 2026.

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 950 branches and approximately 1,100 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 Member FDIC.

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SOURCE KeyCorp