Banks and bank holding companies: Permissible nonbanking activities,

[Federal Register: September 10, 1998 (Volume 63, Number 175)]

[Notices]

[Page 48509]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr10se98-89]

[[Page 48509]]

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 September 23, 1998.

1. Federal Reserve Bank of New York (Betsy Buttrill White, Senior Vice President) 33 Liberty Street, New York, New York 10045-0001:

   1. Westdeutsche Landesbank Girozentrale, Duesseldorf, Federal Republic of Germany; to engage de novo through its subsidiary, WestLB Securities Americas Inc., New York, New York, in securities brokerage services, pursuant to Sec. 225.28(b)(7)(i) of Regulation Y; riskless principal transactions, pursuant to Sec. 225.28(b)(7)(ii) of Regulation Y; and private placement services, pursuant to Sec. 225.28(b)(7)(iii) of Regulation Y.

2. Federal Reserve Bank of Cleveland (Paul Kaboth, Banking Supervisor) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:

   1. Keycorp, Cleveland, Ohio; to acquire McDonald and Company Investments, Inc., Cleveland, Ohio; and thereby engage in providing financial and investment advisory services, pursuant to Sec. 225.28(b)(6) of Regulation Y; providing certain agency transactional services for customer investments, pursuant to Sec. 225.28(b)(7) of Regulation Y; underwriting and dealing in, to a limited extent, all types of debt and equity securities See, KeyCorp, 83 Fed. Res. Bull. 921 (1997); extending and servicing loans pursuant, to Sec. 225.28(b)(1) of Regulation Y; engaging in activities related to extending credit, pursuant to Secs. 225.28(B)(2)(ii), (vi), and (vii) of Regulation Y; leasing personal or real property or acting as agent, broker, or advisor in leasing such property, pursuant to Sec. 225.28(b)(3) of Regulation Y; engaging in investment transactions as principal, pursuant to Sec. 225.28 (b)(8) of Regulation Y; providing certain transfer agent and dividend disbursing agent services to mutual funds See, Bankers Trust New York Corporation, 83 Fed. Res. Bull. 780, 782 (1997) (the BT/Alex Brown Order); engaging in the provision of management consulting and employee benefits counseling services, pursuant to Secs. 225.28(b)(9)(i) and (ii) of Regulation Y; providing certain administrative services to mutual funds (See, Fleet Financial Group, Inc., 84 Fed. Bull. 227 (1998); J.P. Morgan & Co., 84 Fed. Res. Bull. 113 (1998); and Commerzbank AG, 83 Fed. Res. Bull. 678, 679-80 (1997); and establishing and serving as a general partner of limited partnerships that are excluded from the definition of an investment company and that are exempt from the registration and prospectus requirements of the Securities Act of 1933, See, Meridian Bancorp, Inc., 80 Fed. Res. Bull. 736 (1994) and Norwest Corporation, 81 Fed. Res. Bull. 1128 (1995).

   Board of Governors of the Federal Reserve System, September 3, 1998. Robert deV. Frierson, Associate Secretary of the Board.

   [FR Doc. 98-24254Filed9-9-98; 8:45 am]

   BILLING CODE 6210-01-F