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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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