U.S. Markets open in 24 mins

U.S. Fed approves acquisition of MB Financial by Fifth Third Bancorp

WASHINGTON, March 6 (Reuters) - The U.S. Federal Reserve Board on Wednesday approved the acquisition of MB Financial Inc. by Fifth Third Bancorp.

Fifth Third will indirectly acquire MB Financial's subsidiary bank, MB Financial Bank of Chicago. The Fed also approved a merger of the two institutions, permitting Fifth Third to establish and operate branches at the other company's locations. (Reporting by Pete Schroeder; editing by Jonathan Oatis)