National Bank of Commerce in Memphis has asked the Office of the Comptroller of the Currency for permission to underwrite corporate debt.

An agency notice published in the June 11 Federal Register says an operating subsidiary of the bank, NBC Capital Markets Group Inc., would purchase, sell, underwrite, and deal corporate debt. Comments are due July 12.

This would be a new power for national banks. The Comptroller's Office to date has authorized them to underwrite only municipal revenue bonds.

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.