[Federal Register Volume 63, Number 194 (Wednesday, October 7, 1998)]
[Notices]
[Page 53919]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-26837]
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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 21, 1998.
A. Federal Reserve Bank of Cleveland (Paul Kaboth, Banking
Supervisor) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:
1. PNC Banc Corp., Pittsburgh, Pennsylvania; to acquire Hilliard-
Lyons, Inc., Louisville, Kentucky, and thereby indirectly acquire
J.J.B. Hilliard, W.L. Lyons, Inc., and Hilliard Lyons Trust Company,
both of Louisville, Kentucky, and thereby engage in underwriting and
dealing in, to a limited extent, 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 (``bank
ineligible securities'' or ``Tier II Securities'') (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
Citicorp, 73 Fed. Res. Bull. 473 (1987); provide administrative
services to open-end and closed-end investment companies (See Bankers
Trust New York Corp., 83 Fed. Res. Bull. 780 (1997); Commerzbank AG, 83
Fed. Res. Bull. 67 (1997); and Mellon Bank Corporation, 79 Fed. Res.
Bull. 626 (1993); provide cash management services (See Societe
Generale, 84 Fed. Res. Bull. 680 (1998); provide employee benefit
consulting services, pursuant to Sec. 225.28(b)(9)(ii) of Regulation Y
(See Fifth Third Bancorp, 84 Fed. Res. Bull. 677 (1998); provide credit
and credit related services, pursuant to Secs. 225.28(b)(1) and (2) of
Regulation Y; provide trust company services, pursuant to Sec.
225.28(b)(5) of Regulation Y; provide financial and investment advice,
pursuant to Sec. 225.28(b)(6) of Regulation Y; provide securities
brokerage, riskless principal, private placement, and other agency
transactional services, pursuant to Sec. 225.28(b)(7) of Regulation Y;
in investment transactions as principal, including underwriting and
dealing in government obligations and money market instruments and
investing and trading activities, pursuant to Sec. 225.28(b)(8) of
Regulation Y.
Board of Governors of the Federal Reserve System, October 1,
1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-26837 Filed 10-6-98; 8:45 am]
BILLING CODE 6210-01-F
