It also is the first time that foreign companies will operate wholly owned subsidiaries in China's transportation business and directly compete with Chinese rivals.

Additionally, Heller is operating subsidiaries and representations in all relevant markets around the globe.

"We believe that with appropriate fire walls, operating subsidiaries can provide the same protection as the bank holding company structure," a Treasury spokesman said tonight.

The company was one of only a few multinational corporations to operate subsidiaries that were larger than the parent company.

The company, along with its competitors, operates subsidiaries that can offer discounted hardware or other options in return for long-term deals.

The company operates subsidiaries in 20 countries and is represented in all other major markets by distributors.

In addition to its flagship supermarket chain, the company operated several subsidiaries across the country.

Dahon today operates seven factories or subsidiaries in three continents.

It provided local telephone service to customers in 14 states and operated subsidiaries in a number of related fields.

It operates wholly owned subsidiaries in Denmark and Norway.