NEW YORK - Foreign banks in the United States will continue to expand selectively over the next few years despite the restraints imposed on their expansion by tough banking and tax legislation, according to a senior executive with KPMG Peat Marwick.

Stephen M. Brecher, partner at KPMG Peat Marwick in charge of international bank practice and national director of technical tax services for international banking, said much of the expansion will focus on trading operations and activities like private banking rather than foreign banks' old mainstay, commercial lending.

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