[Federal Register Volume 62, Number 165 (Tuesday, August 26, 1997)]
[Notices]
[Pages 45255-45256]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-22601]


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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. 225.28 of Regulation Y (12 CFR 225.28) 
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. The notice also will 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.
    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 9, 1997.
    A. Federal Reserve Bank of Cleveland (Jeffery Hirsch, Banking 
Supervisor) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:
    1. National City Corporation, Cleveland, Ohio, acting through its 
wholly-owned subsidiary, National Processing, Inc., Louisville, 
Kentucky, to acquire Caribbean Data Services, Ltd., Dallas, Texas, and 
thereby engage in

[[Page 45256]]

processing the payment of health insurance claims by performing data 
entry of customer provided information and information relating to the 
cost of medical treatment, and by utilizing the customer's database to 
match membership and provider information to facilitate payment between 
the provider and the insurer, and in collection of financial and other 
data from hard copies and electronic images of airline tickets that is 
provided to customers for billing purposes, pursuant to 
Sec. 225.28(b)(14) of the Board's Regulation Y. See, Banc One 
Corporation, 80 Fed. Res. Bull. 139 (1994).
    B. Federal Reserve Bank of San Francisco (Pat Marshall, Manager of 
Analytical Support, Consumer Regulation Group) 101 Market Street, San 
Francisco, California 94105-1579:
    1. BankAmerica Corporation, San Francisco, California; to acquire 
all of the assets, and assume all of the liabilities of Robertson 
Stephens & Company Group (``Group''), and Robertson Stephen & Company, 
Inc. (``RS&Co., Inc.''), and thereby engage worldwide in underwriting 
and dealing in, to a limited extent, all types of debt and equity 
securities other than interests in open end investment companies See 
J.P. Morgan & Co., Inc., Citicorp and Security Pacific Corp., 75 Fed. 
Res. Bull, 192 (1989); in underwriting and dealing in obligations of 
the United States, general obligations of states and their political 
subdivisions, and other obligations that state members banks of the 
Federal Reserve System may be authorized to underwrite and deal in 
under 12 U.S.C. 24 and 335, pursuant to Sec. 225.28(b)(8) of the 
Board's Regulation Y; in acting as investment or financial advisor, 
pursuant to Sec. 225.28(b)(6) of the Board's Regulation Y; in providing 
securities brokerage services (including securities clearing and 
securities execution services on an exchange), alone and in combination 
with investment advisory services, and incidental activities (including 
related securities credit activities and custodial services), pursuant 
to Sec. 225.28(b)(7) of the Board's Regulation Y; in buying and selling 
in the secondary market all types of securities on the order of 
customers as a riskless principal to the extent of engaging in a 
transaction in which the company, after receiving an order to buy (or 
sell) a security from a customer, purchases (or sells) the security for 
its own account to offset a contemporaneous sale to (or purchase from) 
the customer, pursuant to Sec. 225.28(b)(76) of the Board's Regulation 
Y; in acting as agent for the private placement of securities in 
accordance with the requirements of the Securities Act of 1933 and the 
rules of the Securities and Exchange Commission, pursuant to 
Sec. 225.28(b)(7) of the Board's Regulation Y; and in providing 
administrative and other services to investment companies, including 
open-end investment companies (``mutual funds''). See Bankers Trust 83 
Fed. Res. Bull. ------ (Order dated July 21, 1997); Barclays PLC, 82 
Fed. Res. Bull. 158 (1996); Bank of Ireland, 82 Fed. Res. Bull. 1129 
(1996). BankAmerica would engage in these activities in accordance with 
the limitations and conditions previously established by the Board by 
regulation or order, with certain exceptions relating to the proposed 
provision of advisory and administrative services to mutual funds that 
are discussed in the notice. BankAmerica also intends to acquire 
certain offshore subsidiaries, companies engaged in providing services 
to Group and RS & Co. and its affiliates, and proprietary investments 
currently owned by Group and RS & Co. Inc.

    Board of Governors of the Federal Reserve System, August 20, 
1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-22601 Filed 8-25-97; 8:45 am]
BILLING CODE 6210-01-F