[Federal Register Volume 64, Number 130 (Thursday, July 8, 1999)]
[Notices]
[Page 36876]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-17335]


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FEDERAL RESERVE SYSTEM


Formations of, Acquisitions by, and Mergers of Bank Holding 
Companies; Correction

    This notice corrects a notice (FR Doc. 99-16703) published on page 
35660 of the issue for Thursday, July 1, 1999.
    The Federal Reserve Bank of Chicago heading in paragraph A. and the 
entry for HSBC Holdings plc, London, United Kingdom, HSBC Finance, 
Netherlands, London, England, HSBC Holdings BV, Amsterdam, Netherlands, 
and a newly established intermediate holding company, (USHoldco, New 
York, New York) are corrected to read as follows
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. HSBC Holdings plc, London, United Kingdom (HSBC Holdings), HSBC 
Finance, Netherlands, London, England, HSBC Holdings BV, Amsterdam, 
Netherlands, and a newly established intermediate holding company 
(USHoldco, New York, New York), to acquire all of the voting shares of 
Republic New York Corporation, New York, New York (RNYC), and thereby 
acquire the following bank subsidiaries of RNYC: Republic National Bank 
of New York, New York, New York (Republic Bank), and Republic Bank 
California, National Association, Beverly Hills, California. Following 
these transactions, HSBC would merge RNYC with and into HSBC Americas, 
Inc., Buffalo, New York, a bank holding company that is the current 
parent of HSBC Bank USA, Buffalo, New York. RNYC would survive this 
merger and be renamed HSBC USA. HSBC Holdings and its subsidiaries 
(collectively HSBC) may form one or more intermediate bank holding 
companies to facilitate these transactions.
    In connection with the proposed transaction, HSBC has provided 
notice to acquire all of the nonbank subsidiaries of RNYC and to 
engage, directly or indirectly through such nonbank subsidiaries, in a 
variety of nonbanking activities that previously have been determined 
to be permissible for bank holding companies. HSBC also would continue 
to control all its existing bank and nonbank subsidiaries. The 
nonbanking companies that HSBC proposes to acquire are listed in the 
notice filed with the Board and include Republic Bank Delaware, 
National Association, Wilmington, Delaware; Republic New York 
Securities Corporation, New York, New York (RNYSC); Republic Business 
Credit Corporation, New York, New York. The nonbanking activities of 
the companies to be acquired also are listed in the notice and include 
extending credit and servicing loans, pursuant to 12 CFR 225.28(b)(1); 
performing functions or activities that may be performed by a trust 
company, pursuant to 12 CFR 225.28(b)(5); providing securities 
brokerage, riskless principal, private placement, futures commission 
merchant, and other agency transactional services, pursuant to 12 CFR 
225.28(b)(7); and underwriting and dealing in government obligations 
and money market instruments, engaging in certain investing and trading 
activities as principal, and buying and selling bullion and related 
activities, pursuant to 12 CFR 225.28(b)(8).
    In connection with the proposed transaction, HSBC also has applied 
to acquire an option to purchase up to 19.9 percent of the outstanding 
shares of RNYC common stock. This option would expire upon consummation 
of the merger.
    Comments on this application must be received by July 26, 1999.

    Board of Governors of the Federal Reserve System, July 2, 1999.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 99-17335 Filed 7-7-99; 8:45 am]
BILLING CODE 6210-01-F