The Federal Reserve Board has given a South Korean bank permission to become a bank holding company by acquiring Marine National Bank of Irvine, Calif.

The Fed said in its Aug. 19 order that Shinhan Bank, a $22.7 billion- asset company based in Seoul, is subject to comprehensive supervision by its home-country regulator. It also said Shinhan has pledged to furnish upon demand data on its financial condition to U.S. regulators.

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