SYDNEY - State Street Bank and Trust Co., Boston, has applied to Australia's Reserve Bank for a local branch banking license so it can expand operations in Australia.

Mark Snyder, vice president of State Street Australia, said in a telephone interview that the bank is applying for a license because some of the areas where State Street wants to expand into in Australia, such as foreign exchange trading and currency risk exposure management, would be done best out of a banking vehicle.

State Street has been offering custodial services in Australia since early 1986 and now has about $27 billion worth of funds under custody here.

State Street's operations include administration, safekeeping, and reporting of security portfolios for fund mangers.

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