[Federal Register Volume 63, Number 187 (Monday, September 28, 1998)]
[Notices]
[Pages 51578-51579]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-25828]
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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, including the
companies listed below, 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 October 12, 1998.
A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior
Vice President) 33 Liberty Street, New York, New York 10045-0001:
1. United Overseas Bank, Limited (UOB), Singapore; to engage de
novo through its subsidiary, UOB Global Capital LLC, New York, New York
(a to-be-formed 70 percent owned subsidiary of UOB), in acting in
agency or custodial capacity for customers, pursuant to Sec.
225.28(b)(5) of Regulation Y; and providing financial and investment
advisory and management services to individuals and corporations,
generally on a discretionary basis, pursuant to Sec. 225.28(b)(6) of
Regulation Y.
2. Dresdner Bank AG, Frankfurt, Germany; to acquire, through its
wholly owned subsidiary Dresdner RCM Global Investors LLC, San
Francisco, California, all of the voting shares of Caywood-Scholl
Capital Management, San Diego, California, and thereby to engage in the
following nonbanking activities: (1) financial and investment advisory
activities, pursuant to Sec. 225.28(b)(6); (2) investment transactions
as principal, pursuant to Sec. 225.28(b)(8); and (3) acting as general
partner for private limited partnerships that invest in securities and
assets in which a bank holding company is permitted to invest. See,
e.g., Dresdner Bank AG, 84 Fed. Res. Bull. 361 (1998).
B. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
1. BB&T Corporation, Winston-Salem, North Carolina; to acquire
Scott & Stringfellow Financial, Inc., Richmond, Virginia, and thereby
engage in providing investment and financial advisory services,
pursuant to Sec. 225.28(b)(6) of Regulation Y; providing credit and
credit related services, pursuant to Secs. 225.28(b)(1) and (2) of
Regulation Y; leasing personal or real property or acting as agent,
broker or adviser in leasing such property, pursuant to Sec.
225.28(b)(3) of Regulation Y; providing investment and financial
advisory services, pursuant to Sec. 225.28(b)(6) of Regulation Y;
providing brokerage services and investment advisory services, both
separately and on a combined basis in connection with the purchase and
sale of securities and related credit, custodial and other incidental
services, pursuant to Sec. 225.28(b)(7)(i) of Regulation Y; buying and
selling all types of securities on a ``riskless principal'' basis,
pursuant to Sec. 225.28(b)(7)(ii) of Regulation Y; acting as agent in
the private placement of all types of securities, pursuant to Sec.
225.28(b)(7)(iii) of Regulation Y; underwriting and dealing in
obligations
[[Page 51579]]
of the United States, general obligations of states and their political
subdivisions and other obligations, instruments and securities that a
member bank of the Federal Reserve System may underwrite or deal in,
pursuant to Sec. 225.28(b)(8)(i) of Regulation Y; engaging as
principal in investing and trading activities, pursuant to Sec.
225.28(b)(8)(ii) of Regulation Y; providing employee benefits
consulting services, pursuant to Sec. 225.28(b)(9)(ii) of Regulation
Y; underwriting and dealing in all types of debt, equity and other
securities other than ownership interests in open-end investment
companies that a member bank may not underwrite or deal in (See, J.P.
Morgan & Co., Inc., The Chase Manhattan Corp., Bankers Trust New York
Corp., Citicorp, and Security Pacific Corp., 75 Fed. Res. Bull. 192
(1989)); and providing cash management services (See, Societe General,
84 Fed. Res. Bull. 680 (1998)).
In connection with the proposed transaction, BB&T Corporation also
has applied to acquire an option to purchase up to 19.9 percent of the
common stock of the target.
C. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice
President) 411 Locust Street, St. Louis, Missouri 63102-2034:
1. New London Bancshares, Inc., and Ralls County State Bank, both
of New London, Missouri; to continue to engage in the sale of casualty
and life insurance sales in a community with a population not exceeding
5,000, pursuant to Sec. 225.28(11)(iii) of Regulation Y.
Board of Governors of the Federal Reserve System, September 22,
1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-25828 Filed 9-25-98; 8:45 am]
BILLING CODE 6210-01-F