DETROIT - Comerica Bank said it has received approval from the Bermuda government to establish a trust company, Comerica Trust Company of Bermuda Ltd.

Comerica said it is the first U.S. bank to be granted a trust license by the Bermuda government.

The new unit will offer trust services for captive insurance companies and offshore mutual funds.

Stephen Hawkins, a senior vice president who heads Comerica Bank's institutional trust department, will serve as chairman and chief executive of the trust company.

Douglas Ransdell, senior vice president and head of the international finance department, will serve as president, and Eugene Justus, vice president in Comerica Bank's global banking division, will act as chief financial officer.

Comerica Inc., based in Detroit, has $35 billion of assets.

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