The Federal Reserve Board approved applications by...

The Federal Reserve Board approved applications by two big Japanese banks to become U.S. bank holding companies, which will allow them to expand their business in this country. The Fed’s action allows Mitsui Trust & Banking and Yasuda Trust & Banking to acquire 100% of their New York affiliates and opens the way for them to expand into other areas, including investment management and commercial banking. Mitsui Trust is the third largest of Japan’s eight trust banks, and Yasuda is fifth largest.