[Federal Register Volume 63, Number 230 (Tuesday, December 1, 1998)]
[Notices]
[Page 66187]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-31847]


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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 December 7, 1998.
    A. Federal Reserve Bank of Cleveland (Paul Kaboth, Banking 
Supervisor) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:
    1. Mellon Bank Corporation, Pittsburgh, Pennsylvania; to engage de 
novo through its subsidiary, Mellon Financial Markets, Inc., 
Pittsburgh, Pennsylvania, in underwriting and dealing in all types of 
debt and equity securities on a limited basis, pursuant to the 
conditions set forth in 12 CFR 225.200; in agency transaction services 
for customer investments, pursuant to Sec.  225.28(b)(7) of Regulation 
Y; in investment transactions as principal, pursuant to Sec.  
225.28(b)(8) of Regulation Y; and in providing financial and investment 
advice, pursuant to Sec.  225.28(b)(6) of Regulation Y.
    B. Federal Reserve Bank of San Francisco (Maria Villanueva, Manager 
of Analytical Support, Consumer Regulation Group) 101 Market Street, 
San Francisco, California 94105-1579:
    1. Philippine Commercial International Bank, Manila, Philippines; 
to engage de novo through its subsidiary, PCI Express Padala (Hawaii), 
Honolulu, Hawaii (in organization) in money remittance activities. See, 
Philippine Commercial International Bank, 77 Fed. Res. Bull. 270 
(1991); Bergen Bank A/S, 76 Fed. Res. Bull. 457 (1990); and Norwest 
Corporation, 81 Fed. Res. Bull. 974 (1995).

    Board of Governors of the Federal Reserve System, November 24, 
1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-31847 Filed 11-30-98; 8:45 am]
BILLING CODE 6210-01-F