Magazine article American Banker

Key to Rebrand Corporate, Investment Bank Divisions

Magazine article American Banker

Key to Rebrand Corporate, Investment Bank Divisions

Article excerpt

KeyCorp Inc. said Monday it will put the KeyBank and KeyBanc Capital Markets brand names on about 15 divisions its corporate and institutional bank.

Among the divisions being rebranded are the Cleveland company's capital markets businesses, including fixed income and equity research and trading, which previously operated under the McDonald & Co. name and will now operate under the KeyBanc banner. KeyCorp acquired the local broker-dealer in 1998.

The name changes, which also affect its equipment leasing and cash management units, will begin next month and be fully implemented by May in all marketing, research, and advertising materials, the company said.

Only two businesses will not get a Key brand. McDonald Financial Group, a private banking and brokerage group which caters to high-net-worth clients, will retain the McDonald name. Victory SBSCF Capital Management, Key's asset management group, which underwent a brand change two years ago, will also retain its name.

The rebranding will complete an initiative that began over a year ago, when KeyCorp combined its corporate and investment banking businesses. At the time, the $84 billion-asset company was bucking a trend in which several commercial banking companies, through sales and spinoffs, distanced themselves from investment banking companies acquired in the late 1990s before the bear market took hold.

Last year U.S. Bancorp of Minneapolis spun off its Piper Jaffray & Co. capital markets unit, and in 2002 FleetBoston Financial Corp. took a charge of $282 million to shut down Robertson Stephens. Like McDonald, both Robertson Stephens and Piper Jaffray had been acquired in the late 1990s.

However, Key, which has been suffering from lackluster revenue growth for the past few years, took a different approach and sought to align many of its business units, including investment banking, under one brand name to send a clearer, more consistent message to its customers. …

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