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Aetna Approved to Operate Savings Bank

BRIEFLY / FINANCIAL SERVICES

October 28, 1999|Associated Press

Aetna Inc., one of the nation's largest life and health insurers, won permission from federal regulators to operate a savings bank offering trust services to customers. The approval was announced by the Office of Thrift Supervision, a day after mutual fund giant Fidelity was granted the same powers. Hartford, Conn.-based Aetna plans to use the new savings bank, to be called Aetna Trust Co., to offer trustee, custodian and record-keeping services to employee retirement plans and individuals with IRA plans. The federal thrift agency required that at least 40% of the new savings bank's directors be individuals who are not executives or employees of Aetna or its affiliates.

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