Start-up bank wins approval from OCC.

NEW YORK -- Waterhouse Investor Services Inc. has received preliminary approval from the Comptroller of the Currency to establish the Waterhouse National Bank.

The bank would be its wholly owned subsidiary. Waterhouse said preliminary approval was conditioned on receipt of Federal Deposit Insurance Corp. and Federal Reserve Board approvals as well as other conditions. Waterhouse said it expected the bank to be operational in early 1994.

The company said the establishment of the bank would allow it to offer expanded financial services and products. The bank will offer cash-management accounts, credit cards, and other retall-loan products.

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