Governor Andrew Cuomo is opposed to Key Bank’s proposed acquisition of First Niagara Bank.
Gov. Andrew Cuomo is urging federal regulators to reject KeyCorp’s $4.1 billion deal to buy First Niagara Financial Group and create the 13th largest commercial bank in the United States.
The New York Democrat says the proposed acquisition would reduce retail banking competition in Upstate New York, limit consumer access, and eliminate jobs.
Cuomo is asking the Federal Reserve Board of Governors, the Comptroller of the Currency, and the Justice Department’s Antitrust Division to block it.
First Niagara has nearly 400 locations in New York, Pennsylvania, Connecticut and Massachusetts.