Marsh & McLennan Cos. Inc. received approval Monday to set up an Internet savings bank. The world’s largest broker will call the thrift “AtBank” and will provide retail deposit products to its employees and existing clients.
AtBank, which will be based in Framingham, Mass., will not underwrite loans but link customers with third party originators.
Marsh & McLennan owns Putnam Investments, a money management firm, and Mercer Consulting Group. Employees and clients of both entities may be members of AtBank.
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