The Federal Reserve Board on Monday gave Crestar Financial Corp. permission to establish a section 20 subsidiary to underwrite municipal revenue and general obligation bonds.

The Richmond, Va.-based unit also may engage in private placement activities, which means it may sell new corporate securities to sophisticated investors. It also may find buyers and sellers for securities owned by its customers.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.