[Federal Register Volume 63, Number 235 (Tuesday, December 8, 1998)]
[Notices]
[Page 67693]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-32550]


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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 30, 1998.
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. Istituto Bancario San Paolo di Torino-Istituto Mobiliare 
Italiano S.p.A., Turin, Italy; to acquire Mabon Securities Corp., New 
York, New York, and Cedar Street Securities Corp., New York, New York, 
and thereby engage in extending credit and servicing loans, pursuant to 
Secs.  225.28(b)(1) and (b)(2) of Regulation Y; financial and 
investments advisory activities, pursuant to Sec.  225.28(b)(6) of 
Regulation Y; agency transactional services for customer investments, 
pursuant to Sec.  225.28(b)(7) of Regulation Y; investment transactions 
as principal, pursuant to Sec.  225.28(b)(8) of Regulation Y; and 
underwriting and dealing in all types of debt and equity securities 
(other than ownership interests in open-end investment companies) on a 
limited basis. See, J.P. Morgan & Co. Incorporated, et al., 75 Fed. 
Res. Bull. 192 (1989) (these activities are to be performed by Mabon 
Securities Corp. only).
    B. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
    1. BankAmerica Corporation, Charlotte, North Carolina; BancWest 
Corporation, Honolulu, Hawaii; BB&T Corporation, Winston-Salem, North 
Carolina; First Union Corporation, Charlotte, North Carolina; SunTrust 
Banks, Inc., Atlanta, Georgia; Wachovia Corporation, Winston-Salem, 
North Carolina; and Zions Bancorporation, Salt Lake City, Utah; to 
acquire H&S Holding Company, Wilimington, Delaware; and thereby 
indirectly acquire HONOR Technologies, Inc., Maitland, Florida, and 
STAR Systems, Inc., San Diego, California, and thereby engage in 
certain data processing and electronic funds transfer services, 
management consulting services, and check verification services, 
pursuant to Secs.  225.28 (b)(2), (b)(9) and (b)(14) of Regulation Y.

    Board of Governors of the Federal Reserve System, December 3, 
1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-32550 Filed 12-7-98; 8:45 am]
BILLING CODE 6210-01-F