The Federal Reserve Board has given a Spanish bank's subsidiary permission to engage in a wide range of securities activities.

The central bank's Feb. 12 order applies to Argentaria International Securities Inc., of New York., a wholly owned subsidiary of Madrid-based Corporacion Bancaria de Espana.

The Fed said the subsidiary can provide financial, investment, and full- service brokerage services. It also can act as an agent for private placements of securities, and it can buy and sell securities for customers.

Corporacion Bancaria de Espana controls $89.5 billion in assets, making it the third-largest commercial bank in Spain. It controls $850 million- asset Extebank of Stony Brook, N.Y.

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