NEW YORK -- The Federal Reserve Board has approved an application by Sumitomo Bank Ltd. to enter the U.S. securities markets.

The new unit, Sumitomo Bank Securities Inc., would have start-up capital of $40 million and was expected to begin operations shortly. It is to trade commercial paper, underwrite and deal in U.S. Treasury and agency bonds, and handle private placements.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.