The Federal Reserve Board granted the license to ANTS, which is a subsidiary of Abbey National, the sixth largest banking group in the UK.
Further, its US securities broker dealer subsidiary, Abbey National Securities Inc. (ANSI) has become a registered broker dealer in the US and a member of the National Association of Securities Dealers.
Through ANSI, the group will gain access to a broader range of customers, complementing the activities of its UK broker dealer subsidiary, Cater Allen International Limited.
ANSI will deal solely with institutional clients, including, banks, trust banks, insurance companies, money managers, corporations, pension funds (including ERISA funds), and government agencies.
ANSI’s initial financing activities will focus on the securities lending and repurchase markets where it will engage in financing a range of domestic and international securities.