Bank One Corporation announced on Aug. 6 that it has become a financial holding company. Under the Gramm-Leach-Bliley Act, financial holding companies are allowed to engage in a variety of activities, such as merchant banking, direct distribution of mutual funds and insurance underwriting. In addition, the Act permits banking organizations to affiliate with insurance and securities companies.
Bank One, which filed its election earlier this year to become a financial holding company, recently received approval by the Federal Reserve Board.
Bank One Corp. is the nation’s fifth-largest bank holding company, with assets of more than $270 billion. Bank One offers a full range of financial services to large corporate and middle market commercial customers and retail consumers. It is the largest Visa® credit card issuer, the third-largest bank lender to small businesses, and operates more than 1,800 banking centers and a nationwide network of ATMs.
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