The Federal Reserve Board has given Banco Santander of Madrid permission to acquire Banco Central Hispano of Puerto Rico.

The Fed, in an Aug. 1 order, rejected charges that the deal would allow Banco Santander to dominate small business lending in San Juan and Aguadilla, Puerto Rico. It said Banco Santander would control a large share of the market, but it said neighboring banks and thrifts could easily enter the fray to compete for business.

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