Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 161

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 161
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This prospectus, together with the relevant prospectus supplement and pricing supplement, if any, describing the terms of the specific
securities being offered and sold, may be used by our affiliates, including KeyBanc Capital Markets, in connection with offers and sales of such securities referred to above. These affiliates may act as principal or agent in such transactions. Such
sales will be made at prices related to prevailing market prices at the time of sale. We will not receive any of the proceeds of such sales. Our affiliates, including KeyBanc Capital Markets, do not have any obligation to make a market in the above
referenced securities, and may discontinue their market-making activities at any time without notice, in their sole discretion.

KeyBanc
Capital Markets is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and may participate in distributions of the securities referred to above. Accordingly, the participation of such entity in the offerings of such
securities will conform to the requirements addressing conflicts of interest when distributing the securities of an affiliate set forth in FINRA Rule 5121.

Investing in these securities involves risks. Potential purchasers of the securities should consider the information set forth in the “Risk Factors” section in the applicable prospectus supplement and the discussion of risk factors contained in our annual and quarterly reports filed with the Securities and Exchange Commission, which are incorporated by reference into this prospectus.

These securities will be our equity securities or unsecured obligations and will not be deposits or other
obligations of any of our bank or nonbank subsidiaries and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

Our common stock is listed on the New York Stock Exchange under the symbol “KEY.”

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

This prospectus is dated June 9, 2023.

TABLE OF CONTENTS

|                                     |     | Page |   |
| ABOUT THIS PROSPECTUS               |     |      | 1 |
| WHERE YOU CAN FIND MORE INFORMATION |     |      | 1 |
| KEYCORP                             |     |      | 2 |
| USE OF PROCEEDS                     |     |      | 2 |
| VALIDITY OF SECURITIES              |     |      | 2 |
| EXPERTS                             |     |      | 3 |

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ABOUT THIS