ALBANY, N.Y. -- KeyCorp said it expects to complete its acquisition of Puget Sound Bancorp of Tacoma, Wash., in January 1993.

Albany-based KeyCorp also said that Puget Sound's chairman, W. W. Philip, would recommend that Puget's board raise the company's dividend by 8 cents a share, to 34 cents, for the fourth quarter of 1992 and first quarter 1993, matching KeyCorp's dividend rate.

The deal, announced in March, is subject to approval by shareholders of both companies at meetings on Sept. 17. Regulatory approvals are also pending.

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