The Fed has given Royal Bank of Canada, Montreal, permission to open a representative office in Houston.

The office will market products and solicit loans for the parent bank.

It cannot accept deposits or make loans directly, the Fed said in its March 31 order.

The $162 billion-asset bank operates 1,500 branches in Canada and has operations in 35 countries. It operates offices in New York, Los Angeles, Miami, and Chicago.

Separately, the Fed fined a former officer at Bankers Trust New York Corp. $25,000 for marketing leveraged derivative products to the bank's customers. Mark E. Schinder agreed to the civil money penalty without admitting any wrongdoing.

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