Moving to build its capital markets prowess, KeyCorp on Monday announced plans to buy McDonald & Co., a Cleveland-based securities firm, for $653 million in stock.

The deal, which is expected to close in the fourth quarter, would bring KeyCorp the ability to underwrite equities, as well as a substantial retail brokerage and private-client operation.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.