KeyCorp, the parent company of KeyBank, is acquiring Clearwater Corporate Finance, a U.K.-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 and Clearwater – a successful partnership that validated the strategic and cultural compatibility between the organizations.
“Years of collaboration with Clearwater has generated significant value for clients on both sides of the Atlantic,” Randy Paine, president of Key Institutional Bank, said. “This transaction is the natural next step in the relationship and directly supports our institutional banking growth strategy.”
The combined platform will offer U.S.-based private equity sponsors and corporate clients access to European acquisition targets and exit strategies. Further, it will provide European clients with access to the US M&A market.
“This is a significant milestone for Clearwater UK’s growth story,” Mark Taylor, CEO 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 U.K. Financial Conduct Authority, and customary closing conditions. It is anticipated to close in the second half of 2026.
KeyCorp, headquartered in Cleveland, has approximately $189 billion in assets under management.