[Federal Register Volume 63, Number 110 (Tuesday, June 9, 1998)]
[Notices]
[Page 31478]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-15451]
[[Page 31478]]
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FEDERAL RESERVE SYSTEM
Public Meeting: Application by Travelers Group Inc., New York,
New York, To Acquire Citicorp, New York, New York
AGENCY: Federal Reserve System.
ACTION: Notice of meeting.
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SUMMARY: On June 25, 1998, a public meeting will be held regarding the
notice submitted by the Travelers Group Inc., New York, New York
(Travelers), to acquire Citicorp, New York, New York, and its banking
and nonbanking subsidiaries pursuant to the Bank Holding Company Act
(BHC Act) and related statutes. The purpose of the public meeting is to
collect information relating to factors the Board is required to
consider under the BHC Act.
DATES: The Meeting will be held on Thursday, June 25, 1998, at 9:00
a.m. EDT.
ADDRESSES: Federal Reserve Bank of New York, 33 Liberty Street, New
York, New York.
FOR FURTHER INFORMATION CONTACT: Elizabeth Rodriguez Jackson, Community
Affairs Officer, Federal Reserve Bank of New York, 33 Liberty Street,
New York, New York 10045. Telephone: 212/720-5921. Facsimile: 212/720-
7841.
SUPPLEMENTARY INFORMATION: On May 4, 1998, Travelers filed a notice
requesting the Board's approval to acquire Citicorp pursuant to the BHC
Act (12 U.S.C. 1841 et seq.) and related statutes. The factors the
Board must consider in evaluating the proposal under the BHC Act are
the effects of the proposal on the financial and managerial resources
and future prospects of the companies and banks involved in the
proposal, competition in the relevant markets, and the convenience and
needs of the communities to be served. Convenience and needs
considerations include consideration of the records of performance of
Travelers and Citicorp under the Community Reinvestment Act, which
requires the Board to take into account in its consideration of a bank
acquisition proposal the institutions' record of meeting the credit
needs of its entire community, including low-and moderate-income
neighborhoods, consistent with the safe and sound operation of the
institution. 12 U.S.C. 2903.
The transaction also involves the proposed acquisition or retention
of a number of nonbanking companies engaged in activities permissible
for bank holding companies as well as a proposal to divest or otherwise
conform a number of other activities that are not permissible for bank
holding companies under current law. With respect to the proposal to
conduct permissible nonbanking activities, the Board also must
determine whether conducting the proposed nonbanking activities can
reasonably be expected to produce benefits to the public that outweigh
possible adverse effects, such as undue concentration of resources,
decreased or unfair competition, conflicts of interest, or unsound
banking practices.
Procedures for Hearing
Testimony at the public meeting will be presented to a panel
consisting of a Presiding Officer, or his designee, and other panel
members appointed by the Presiding Officer. The Presiding Officer at
the meeting will be Glenn E. Loney, Deputy Director of the Board's
Division of Consumer and Community Affairs. In conducting the public
meeting, the Presiding Officer will have the authority and discretion
to ensure that the meeting proceeds in a fair and orderly manner. In
contrast to a formal administrative hearing, the rules for taking
evidence in an administrative proceeding will not apply to this public
meeting. Panel members may question witnesses, but no cross-examination
of witnesses will be permitted. The public meeting will be transcribed
and information regarding procedures for obtaining a copy of the
transcript will be announced at the public meeting.
On the basis of the requests received, the Presiding Officer will
prepare a schedule for persons wishing to testify. In order to ensure
an opportunity for all interested commenters to present their views,
the Presiding Officer may limit the time for presentation and establish
the order of presentation. Persons not listed on the schedule may be
permitted to speak at the public meeting at the discretion of the
Presiding Officer if time permits at the conclusion of the schedule of
witnesses. Copies of testimony may, but need not, be filed with the
Presiding Officer before a person's presentation.
Request To Testify
All persons wishing to testify at the public meeting must submit a
written request to Elizabeth Rodriguez Jackson, Community Affairs
Officer, Federal Reserve Bank of New York, 33 Liberty Street, New York,
New York 10045 (facsimile: 212/720-7841), not later than 5:00 p.m. EDT,
June 12, 1998. The request must include the following information: (i)
A brief statement of the nature of the expected testimony and the
estimated time required for the presentation; (ii) Address and
telephone number (and facsimile number, if available) of the person
testifying; and (iii) Identification of any special needs, such as
persons desiring translation services, persons with a physical
disability who may need assistance, or persons requiring visual aids
for their presentation. To the extent available, translators will be
provided to persons wishing to present their views in a language other
than English if this information is included in the request to testify.
Persons interested only in attending the meeting do not need to submit
a written request to attend.
By order of the Board of Governors of the Federal Reserve
System, June 5, 1998.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 98-15451 Filed 6-5-98; 1:24 pm]
BILLING CODE 6210-01-P