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.

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