The Federal Reserve Board has given First National Bank of Chicago permission to acquire low-quality assets from its affiliate, NBD Bank, Detroit.

The Fed said in a March 20 letter that the acquisition is part of an effort by First Chicago NBD Corp. to consolidate its foreign banking operations. The parents of First National and NBD Bank merged last November.

The Fed on March 20 also gave Capital One Bank, Richmond, Va., permission to open a branch in London.

The bank agreed to file periodic reports with the Fed and to maintain adequate capital reserves.

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