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KeyBank + Buffalo Purchasing Initiative

KeyCorp’s (NYSE: KEY) roots trace back 190 years to Albany, New York.  Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $187 billion as of June 20, 2022. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,000 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.

Key has a long-standing commitment to building mutually beneficial relationships with businesses that are certified as diverse, meaning they are at least 51% owned, managed, and controlled by U.S. citizens who are minorities, women, veterans, service-disabled, LGBT, or individuals with a disability. Driving greater economic inclusion and equity across our supply chain is a collaborative effort among the Procurement, DE&I, and Finance teams, as well as our Head of Supplier Diversity and our lines of business. Across the company, we have supplier diversity champions who are accountable for achievement of supplier diversity goals for their departments.

We refreshed our RFP selection questionnaire in 2021 to ensure suppliers submit relevant business certifications tied to diversity criteria. In addition, we updated our Supplier Code of Conduct to clarify our commitment to DE&I, which includes setting expectations for suppliers, such as demonstrating diversity in their executive and board leadership.

Key is also active in broader efforts to improve supply chain diversity and economic inclusion. We do this by supporting and collaborating with a variety of external organizations, including Financial Services Roundtable, Greater Cleveland Partnership, National Minority Supplier Development Council, Ohio Minority Supplier Development Council, and the Buffalo Purchasing Initiative. Collectively, these efforts are improving DE&I transparency and accountability for Key’s existing and new supplier relationships.  In 2021, we achieved our enterprise goal of directing 8% of our qualified spend to diverse suppliers (Tier 1 and Tier 2). This was an increase of more than $15 million compared to 2020. We also achieved a 70% increase in the number of Tier 1 and Tier 2 suppliers year-over-year.


Jason Cwiklinski
(716) 342-3022

For additional information.