NY Governor Urges U.S. To Block Acquisition Of First Niagara By KeyCorp

(RTTNews) - The New York Governor Andrew Cuomo urged the federal government to block the proposed acquisition of First Niagara Financial Group (FNFG) by KeyCorp (KEY), saying that the merger would reduce retail banking competition, limit consumer access and convenience, and ultimately eliminate jobs throughout the region.

"The proposed acquisition of First Niagara by Key Bank would have a devastating impact on consumers and businesses in Upstate New York, and I urge the federal government to reject the application. This proposal would reduce retail banking competition, limit consumer access and convenience, and ultimately eliminate jobs throughout the region," Cuomo wrote in a letter posted on his office's website.

In Late-October 2015, KeyCorp said that it agreed to acquire First Niagara in a cash and stock transaction for total consideration valued at approximately $4.1 billion.