NEW YORK - The Federal Reserve Board of Governors approved Chemical Banking Corp.'s request to underwrite and deal in all forms of equity securities through its wholly owned subsidiary Chemical Securities Inc., the bank said Monday.

The approval permits the broker-dealer unit to underwrite and deal in common stock, preferred stock, American depository receipts, options, limited partnership units, securities issued by closed-end investment companies, and other direct and indirect equity ownership interests in corporations and other entities.

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