KeyCorp this week won permission from the Federal Reserve Board to underwrite corporate debt and equity through its securities affiliate, KeyCorp Capital Markets Inc.

The Cleveland-based banking company is the 25th bank to obtain so-called Tier 2 underwriting powers. A slew of banks have sought to expand their securities businesses this year, because the Fed reduced a host of regulatory restrictions on section 20 units, as commercial banks' securities arms are known.

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