BANKING & FINANCE : Fed OKs Chemical Bank Underwriting

Approval of the application of Chemical Banking Corp. will enable the bank to underwrite and deal in all types of securities, including common and preferred stock. Chemical is the third-largest U.S. bank, with total assets of $149.4 billion. It now will be able to deal in direct and indirect equity ownership interests in corporations and other entities. It proposes to conduct those activities worldwide through its Chemical Securities Inc. subsidiary. In May, the Federal Reserve Board approved more debt underwriting and dealing powers for Chemical Securities.