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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.