The Federal Reserve Board approved applications from...

The Federal Reserve Board approved applications from two Japanese banks to acquire U.S. firms that are primary dealers in government securities. The Fed is permitting Sanwa Bank Ltd. of Osaka to purchase Brophy, Gestal, Knight & Co. of New York, and Long-Term Credit Bank of Japan, based in Tokyo, to buy Greenwich Capital Markets Inc. of Greenwich, Conn. Sanwa, with assets of $324 billion, is the fifth-largest banking organization in the world. Long-Term Credit, with about $185 billion in assets, is the 21st largest.