WASHINGTON - The Federal Reserve Board has ruled that Japanese officials subject the Bank of Tokyo to "comprehensive supervision on a consolidated basis" - a legal requirement a foreign country must meet before its banks can open branches in the United States.

Paul S. Pilecki, a partner in Shaw, Pittman, Potts & Trowbridge, said the Fed's Jan. 30 order applies only to $271.9 billion-asset Bank of Tokyo, which has applied to acquire the Chicago Tokyo Bank in Chicago.

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.