[Federal Register Volume 60, Number 165 (Friday, August 25, 1995)]
[Notices]
[Page 44347]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-21141]



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FEDERAL RESERVE SYSTEM

The Fuji Bank Limited, 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 September 8, 1995.
    A. Federal Reserve Bank of New York (William L. Rutledge, Senior 
Vice President) 33 Liberty Street, New York, New York 10045:
    1. The Fuji Bank Limited, Tokyo, Japan; to engage de novo through 
its subsidiary, Fuji Capital Markets Corporation, New York, New York 
(FCMC), in certain back-office and middle-office services related to 
swaps, swap transactions, including without interest rate and currency 
swaps, and swap derivative products such as caps, floors and collars, 
as well as various financial instruments that are used to properly 
hedge and manage a derivatives portfolio. These activities will be 
provided for third parties and will be performed on FCMC's premises. 
These activities will include funds transfers and other payment agency 
functions, rate settings, payment notifications, cash reconciliations, 
deal confirmations, other documentation assistance, and risk and 
position reporting, pursuant to Sec.  225.25(b)(7) of the Board's 
Regulation Y. These activities will be conducted on a worldwide basis.
    2. Standard Chartered PLC, London, England, Standard Chartered 
Holdings Limited, London, England, and Standard Chartered Bank, London, 
England; to engage de novo through their subsidiary, Standard Chartered 
Trade Services Corporation, New York, New York in making, acquiring, or 
servicing loans or other extensions of credit for their own account or 
for the account of others, including the business of commercial finance 
and asset based financing, and including the secured and unsecured 
financing of trade and commodity activities, domestically, abroad and 
in international commerce, through the issuance of letters of credit, 
acceptance of notes and drafts and/or in taking title to goods in order 
to effect the financing of trade, and otherwise and to accept security 
in the form of guarantees, letters of credit, title retention and 
chattel mortgages in order to facilitate said transactions, pursuant to 
Sec.  225.25 (b)(1) of the Board's Regulation Y. The geographic scope 
of this activity is worldwide.
    B. Federal Reserve Bank of Kansas City (John E. Yorke, Senior Vice 
President) 925 Grand Avenue, Kansas City, Missouri 64198:
    1. UMB Financial Corporation, Kansas City, Missouri; to acquire UMB 
U.S.A., National Association, Omaha, Nebraska (in organization), and 
thereby engage de novo in credit card activities, pursuant to the 
lending authority of Sec.  225.25(b)(1) of the Board's Regulation Y.

    Board of Governors of the Federal Reserve System, August 21, 
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-21141 Filed 8-24-95; 8:45 am]
BILLING CODE 6210-01-F