First Union Bank customers can buy KeyCorp's Victory mutual funds at First Union's Web site. KeyCorp customers can buy First Union's Evergreen mutual funds at KeyCorp's Web site. And beginning this March, Web sites for both banks will be selling Charles Schwab & Co.'s Schwab One supermarket of funds, which sells 600 no-load mutual funds that compete with the banks' own funds.

All three of the financial services companies mentioned are potential competitors. So what's going on here?

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