WASHINGTON - The Federal Reserve Board has given Wells Fargo & Co. and HSBC Holdings permission to establish a bank specializing in international trade finance.

Trade Bank, which will acquire assets from its two parents, will be based in San Francisco and will operate branches in Los Angeles and El Monte, Calif.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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