State street is first U.S. bank in Australia.

CANBERRA, Australia - State Street Bank and Trust Co., a unit of State Street Boston Corp., has been authorized to set up a branch operation in Australia, Australian Assistant Treasurer George Gear said.

The Australian branch will enable State Street to provide a range of cash management and foreign exchange services to custody clients in the Asia-Pacific region, Mr. Gear said.

His statement noted that State Street was the third foreign bank, and the first from the United States, to receive banking authority under the government's new foreign bank policy. United Overseas Bank Ltd. and Overseas Union Bank Ltd. were the first.

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