[Federal Register Volume 59, Number 64 (Monday, April 4, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-7948]


[[Page Unknown]]

[Federal Register: April 4, 1994]


-----------------------------------------------------------------------


FEDERAL RESERVE SYSTEM
 

Sumitomo Trust & Banking Co., Ltd.; Acquisition of Company 
Engaged in Permissible Nonbanking Activities

    The company listed in this notice has applied under Sec.  225.23(a) 
of the Board's Regulation Y (12 CFR 225.23(a)) for the Board's approval 
under section 4(c)(8) of the Bank Holding Company Act (12 U.S.C. 
1843(c)(8)) and Secs.  225.21(a) of Regulation Y (12 CFR 225.21(a)) to 
acquire or control voting securities or assets of a company engaged in 
nonbanking activities that are listed in Sec.  225.25 of Regulation Y 
and nonbanking activities that are not listed in Regulation Y but have 
previously been approved by Board Order to be closely related to 
banking and permissible for bank holding companies. These activities 
will be conducted throughout the United States.
    The application is available for immediate inspection at the 
Federal Reserve Bank of New York and at the offices of the Board of 
Governors of the Federal Reserve System in Washington, D.C. Interested 
persons may express their views in writing on the application including 
the factors set forth in section 4(c)(8) of the Bank Holding Company 
Act (12 U.S.C. 1843(c)(8)), including whether consummation of the 
proposal can reasonably be expected to produce benefits to the public, 
such as greater convenience, increased competition, or gains in 
efficiency, that outweigh possible adverse effects, such as undue 
concentration of resources, decreased or unfair competition, conflicts 
of interests, or unsound banking practices. Any comments on the 
application that request a hearing must be accompanied by a statement 
of the reasons a written presentation would not suffice in lieu of a 
hearing, identifying specifically any questions of fact that are in 
dispute, summarizing the evidence that would be presented at a hearing, 
and indicating how the party commenting would be aggrieved by approval 
of the proposal.
    Comments regarding the application must be received not later than 
April 25, 1994, at the Reserve Bank indicated or to the attention of 
William W. Wiles, Secretary, Board of Governors of the Federal Reserve 
System, 20th Street and Constitution Avenue, N.W., Washington, D.C. 
20551.
    A. Federal Reserve Bank of New York (William L. Rutledge, Vice 
President) 33 Liberty Street, New York, New York 10045:
    1. Sumitomo Trust & Banking Co., Ltd., Osaka, Japan; to acquire 
Boullioun Aviation Services, Inc., Bellevue, Washington, and thereby 
engage in leasing personal property and acting as agent, broker or 
advisor in leasing such property pursuant to Sec.  225.25(b)(5)(i); 
leasing tangible personal property and acting as agent, broker or 
advisor in leasing such property, in which the lessor relies on an 
estimated residential value of the property in excess of 25 percent 
pursuant to Sec.  225.25(b)(5)(ii); making, acquiring or servicing 
commercial loans and other extensions of credit for its account or that 
of others and acting as agent, broker or advisor with respect to such 
credit financing transactions, pursuant to Sec.  225.25(b)(1); acting 
as an investment or financial advisor to the extent of (i) providing 
portfolio investment advice regarding investments in aircraft leases 
and other financing of aircraft and related equipment; (ii) furnishing 
general economic statistical forecasting services and industry studies 
regarding the aircraft and air transportation industry; and (iii) 
providing advice, including rendering fairness opinions and providing 
valuation services, in connection with financing transactions or 
aircraft and related equipment (including private and public financing 
and loan syndications) and conducting financial feasibility studies 
pursuant to Sec.  225.25(b)(4) of the Board's Regulation Y.
    Applicant also seeks to engage in asset management activities, 
including managing and collecting performing and nonperforming aircraft 
loans, leases and related financial assets; rendering advice on quality 
grading categories for financial assets; establishing reserve levels 
for specific assets and for entire portfolios; formulating and 
implementing business plans related to managed financial assets; 
initiating foreclosure, repossession, and other legal proceedings; 
managing bankruptcy and other litigation proceedings involving managed 
financial assets; managing liquidation of financial assets and related 
property; rendering advice regarding the preparation of financial 
assets and related property for sale; negotiating renewals, extensions, 
and restructuring agreements; developing and implementing marketing 
strategies for the sale or refinancing of individual financial assets 
and related property and for the packaging and sale of whole or 
securitized financial asset portfolios; conducting and reviewing 
appraisals and inspections; providing asset valuations; performing cash 
flow and asset review analyses; contracting with and supervising 
independent asset managers; leasing related property; and developing 
and implementing marketing strategies for the sale of related property. 
The Board has previously approved bank holding companies to engage in 
asset management activities. See, e.g., The Dai-Ichi Kangyo Bank, 79 
Federal Reserve Bulletin 131 (1993), Continental Bank Corporation, 79 
Federal Reserve Bulletin 888 (1993). Applicant also seeks to provide 
asset management services to non-financial institutions as well as 
financial institutions.

    Board of Governors of the Federal Reserve System, March 29, 
1994.
William W. Wiles,
Secretary of the Board.
[FR Doc. 94-7948 Filed 4-1-94; 8:45 am]
BILLING CODE 6210-01-F