WASHINGTON -- The Federal Reserve Board approved an application of Societe Generale of France to open a representative office in Atlanta and engage in derivatives and related operations in Chicago.

The Fed cleared a Societe Generale subsidiary, Fimat Futures USA Inc. in Chicago, to perform certain interest rate and currency swaps, riskless principal transactions, and foreign exchange-related activities.

The representative office in Atlanta would perform loan-solicitation functions similar to those done by current offices in Texas and California.

Society Generale, with consolidated assets of about $260 billion, is the fourth-largest bank in France and the 15th-largest in the world.

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