[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