[Federal Register Volume 59, Number 154 (Thursday, August 11, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-19601]


[[Page Unknown]]

[Federal Register: August 11, 1994]


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FEDERAL RESERVE SYSTEM

 

Banco Santander, S.A., et al.; Notice of Applications to Engage 
de novo in Permissible Nonbanking Activities

    The companies listed in this notice have filed an application under 
Sec.  225.23(a)(1) of the Board's Regulation Y (12 CFR 225.23(a)(1)) 
for the Board's approval under section 4(c)(8) of the Bank Holding 
Company Act (12 U.S.C. 1843(c)(8)) and Sec.  225.21(a) of Regulation Y 
(12 CFR 225.21(a)) to commence or to engage de novo, either directly or 
through a subsidiary, in a nonbanking activity that is listed in Sec.  
225.25 of Regulation Y as closely related to banking and permissible 
for bank holding companies. Unless otherwise noted, such activities 
will be conducted throughout the United States.
    Each application is available for immediate inspection at the 
Federal Reserve Bank indicated. Once the application has been accepted 
for processing, it will also be available for inspection at the offices 
of the Board of Governors. Interested persons may express their views 
in writing on the question 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 request for a hearing on this question 
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.
    Unless otherwise noted, comments regarding the applications must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than August 31, 1994.
    A. Federal Reserve Bank of New York (William L. Rutledge, Senior 
Vice President) 33 Liberty Street, New York, New York 10045:
    1. Banco Santander, S.A., Santander, Spain; to engage de novo 
through its subsidiary Santander Investment Securities Inc., New York, 
New York, in providing investment and financial advisory services 
specified in Sec.  225.25(b)(4) of the Board's Regulation Y and 
engaging in the securities brokerage activities specified in Sec.  
225.25(b)(15), with respect to all types of securities, subject to the 
limitations set forth in those sections and Sec.  225.125 of the 
Board's Regulation Y.
    2. Dresdner Bank AG, Frankfurt, Germany; to engage de novo through 
its subsidiary Oechsle International Advisors, L.P., Boston, 
Massachusetts, in providing foreign exchange advisory services, 
including currency overlay activities, pursuant to Sec.  225.25(b)(17) 
of the Board's Regulation Y, as expanded to include the commodities and 
instruments listed in the attachment to SR 93-27 (FIS) of May 21, 1993, 
as that list may be amended from time to time.
    B. Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President) 
104 Marietta Street, N.W., Atlanta, Georgia 30303:
    1. Synovus Financial Corp., Columbus, Georgia; and TB&C Bancshares, 
Inc., Columbus, Georgia, to engage de novo through a new subsidiary 
Synovus Securities, Inc., Columbus, Georgia, in the providing of 
securities brokerage services in combination with investment advisory 
services, related securities, credit activities, and incidental 
activities such as offering custodial services, individual retirement 
accounts and cash management services with such services being limited 
to buying and selling securities solely as agent for the accounts of 
customers to the extent allowable and subject to the limitations set 
forth in Sec.  225.25(b)(15) and 225.25(b)(4) of the Board's Regulation 
Y. Applicants currently engage in these activities through their 
Section 20 subsidiary, also known as Synovus Securities, Inc. Upon 
consummation, the activities listed above will be transferred from 
Applicants' Section 20 subsidiary to Company, and Applicants' Section 
20 subsidiary will be renamed Synovus Capital Markets, Inc. The 
proposed activity will be conducted throughout the state of Georgia.
    C. Federal Reserve Bank of Kansas City (John E. Yorke, Senior Vice 
President) 925 Grand Avenue, Kansas City, Missouri 64198:
    1. Colt Investments, Inc., Leawood, Kansas; to engage de novo in 
making and servicing loans, pursuant to Sec.  225.25(b)(1) of the 
Board's Regulation Y.

    Board of Governors of the Federal Reserve System, August 5, 
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-19601 Filed 8-10-94; 8:45 am]
BILLING CODE 6210-01-F