Regional bank KeyCorp hired the president of competitor BMO's private bank to head its own high-net-worth unit.

Key plans to announce the appointment of Terry Jenkins on Monday, Feb. 9 as president of Key Private Bank. The private bank has 224 wealth managers overseeing $26 billion in assets under management, with $19.7 billion of that total coming from clients with at least $10 million in assets, according to a company spokeswoman. The minimum asset level for a client to be part of the private bank is $1 million, she said.

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