[Federal Register Volume 61, Number 215 (Tuesday, November 5, 1996)]
[Notices]
[Pages 56961-56962]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-28296]


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FEDERAL RESERVE SYSTEM

Notice of Proposals to Engage in Permissible Nonbanking 
Activities or to Acquire Companies that are Engaged in Permissible 
Nonbanking Activities

    The companies listed in this notice have given notice under section 
4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and 
Regulation      Y, (12 CFR Part 225) to engage de novo, or to acquire 
or control voting securities or assets of a company that engages either 
directly or through a subsidiary or other company, in a nonbanking 
activity that is listed in Sec.  225.25 of Regulation Y (12 CFR 225.25) 
or that the Board has determined by Order to be closely related to 
banking and permissible for bank holding companies. Unless otherwise 
noted, these activities will be conducted throughout the United States.
    Each notice is available for inspection at the Federal Reserve Bank 
indicated. Once the notice 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 the proposal complies with the standards of section 4 
of the BHC Act, 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'' (12 U.S.C. 1843). 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.

[[Page 56962]]

    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 November 19, 1996.
    A. Federal Reserve Bank of New York (Christopher J. McCurdy, Senior 
Vice President) 33 Liberty Street, New York, New York 10045:
    1. The Royal Bank of Canada, Montreal, Canada; to engage de novo 
through an unnamed wholly-owned subsidiary, in the activity of making 
and servicing loans or other extensions of credit, pursuant to Sec.  
225.25(b)(1) of the Board's Regulation Y.
    2. Unidanmark A/S and Unibank A/S, both of Copenhagen, Denmark 
(collectively, Notificants); to retain 100 percent of the voting 
interests in Aros Securities, Inc., New York, New York (Aros), and 
thereby engage in providing investment and financial advisory services; 
providing discount and full-service brokerage services; buying and 
selling all types of debt and equity securities on the order of 
customers as a ``riskless principal''; and acting as agent in the 
private placement of all types of debt and equity securities. The Board 
previously has determined that the proposed activities are closely 
related to banking. 12 CFR 225.25(b)(4), and (15); Bankers Trust New 
York Corporation, 75 Fed. Res. Bull. 829 (1989); J.P. Morgan & Company 
Incorporated, 76 Fed. Res. Bull. 26 (1990); see also Order Revising the 
Limitations Applicable to Riskless Principal Activities, 82 Fed. Res. 
Bull. 759 (1996). Notificants would engage in the proposed activities 
pursuant to the limitations contained in Regulation Y and the Board's 
prior orders relating to the proposed activities. Aros would engage in 
the proposed activities throughout the United States and the world.
    B. Federal Reserve Bank of Minneapolis (Karen L. Grandstrand, Vice 
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
    1. Cattail Bancshares, Inc., Atwater, Minnesota; to engage de novo 
in making and servicing loans, pursuant to Sec.  225.25(b)(1) of the 
Board's Regulation Y. These activities will be conducted throughout 
Atwater, Kimball, and St. Augusta Township and other surrounding 
communities (all in Minnesota).

    Board of Governors of the Federal Reserve System, October 30, 
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-28296 Filed 11-4-96; 8:45 am]
BILLING CODE 6210-01-F