[Federal Register Volume 61, Number 8 (Thursday, January 11, 1996)]
[Notices]
[Pages 1029-1030]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-410]



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FEDERAL RESERVE SYSTEM

Corporacion Bancaria de Espana; Notice to Engage in Certain 
Nonbanking Activities

    Corporacion Bancaria de Espana, S.A., Madrid, Spain (Notificant), 
has provided notice pursuant to section 4(c)(8) of the Bank Holding 
Company Act (12 U.S.C. 1843(c)(8)) (BHC Act) and section 225.23(a)(3) 
of the Board's Regulation Y (12 CFR 225.23(a)(3)), to engage de novo 
through its indirect subsidiary, Argentaria International Securities, 
Inc., New York, New York, in the following nonbanking activities:
    (1) Providing investment and financial advisory services;
    (2) Providing full service brokerage services;
    (3) Acting as agent in the private placement of all types of 
securities; and
    (4) Acting as riskless principal in the purchase and sale of all 
types of securities on behalf of customers.
    These activities would be conducted worldwide.
    Notificant maintains that the Board previously has determined by 
regulation or order that the proposed activities are closely related to 
banking. See 12 CFR 225.25(b)(4) (investment advisory services); 12 CFR 
225.25(b)(15) and PNC Financial Corp, 75 Fed. Res. Bull. 396 (1986) 
(full service brokerage); Bankers Trust New York Corporation, 75 Fed. 
Res. Bull. 829 (1989) (acting as agent in the private placement of 
securities and purchasing and selling securities on the order of 
investors as a riskless principal). Notificant has stated that Company 
would conduct these proposed activities within the prudential 
limitations and guidelines established by the Board.
    In order to approve the proposal, the Board also must determine 
that the proposed activities to be conducted by Notificant ``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.'' 12 U.S.C. 1843(c)(8). Notificant believes 
that the proposal would produce public benefits that outweigh any 
potential adverse effects. In particular, Notificant maintains that the 
proposal would result in increased competition and gains in efficiency.
    In publishing the proposal for comment, the Board does not take a 
position on issues raised by the proposal. Notice of the proposal is 
published solely to seek the views of interested persons on the issues 
presented by the application and does not represent a determination by 
the Board that the proposal meets, or is likely to meet, the standards 
of the BHC Act. Any comments or requests for hearing should be 
submitted in writing and received by William W. Wiles, Secretary, Board 
of Governors of the 

[[Page 1030]]

Federal Reserve System, Washington, DC 20551, not later than January 
25, 1996. Any request for a hearing on this application must, as 
required by Sec.  262.3(e) of the Board's Rules of Procedure (12 CFR 
262.3(e)), be accompanied by a statement of the reasons why 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.
    This application may be inspected at the offices of the Board of 
Governors or the Federal Reserve Bank of New York.

    Board of Governors of the Federal Reserve System, January 5, 
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-410 Filed 1-10-96; 8:45 am]
BILLING CODE 6210-01-F