PNC Bank Corp. was among the first five bank holding companies to obtain Fed approval for a section 20 securities subsidiary. Ten years later, it is the only bank from that group not authorized to underwrite corporate debt and equity securities.

But not for long, according to George Lula, executive vice president at PNC and manager of its section 20 unit, PNC Capital Markets Inc. Pittsburgh-based PNC will apply to the Federal Reserve Board this year for corporate debt and equity authorization, known as Tier 2 powers, Mr. Lula said in a telephone interview.

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