WASHINGTON -- BankAmerica Corp. has won permission from regulators to use its Portland thrift subsidiary as an umbrella for its $400 billion in institutional trust assets.

The Office of Thrift Supervision on Aug. 21 quietly permitted B of A to transfer its trust assets under management to Portland-based Bank of America FSB in five stages over two years. The Portland thrift has $3.8 billion of assets while the bank has $197.5 billion of assets.

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