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.

Jenkins will be based in Cleveland and will report to E.J. Burke, co-president of Key Community Bank. Jenkins' "banking and wealth management experience, along with a strong track record in developing high-performing teams and driving revenue growth, will make him a tremendous asset to Key,” Burke said in a press release.

Jenkins is succeeding Tim Swanson in the president's role. Swanson previously served in the dual role of president and chief investment officer of the private bank. Now, he will focus solely on the role of chief investment officer and report to Jenkins.

Cleveland-based KeyCorp as about $93.8 billion in assets.

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