[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