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Fidelity gets green light from Office of Thrift Supervision to operate bank

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Boston--Fidelity Investments, the parent of Fidelity Institutional Brokerage Group (FIBG), has won permission from the Office of Thrift Supervision to operate a bank. The new savings bank will be called Fidelity Personal Trust Co. and will be based in Boston. It will offer services nationwide, such as acting as an investment adviser, and could provide a major marketing boon for FIBG's independent financial adviser firms, said Mary McAvity, a consultant at Boston-based Cerulli Associates. The Office of Thrift Supervision's move to grant Fidelity's request comes as Congress has made recent moves to do away with Depression-era laws that separate the financial services industries.
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