[Federal Register Volume 63, Number 75 (Monday, April 20, 1998)]
[Notices]
[Pages 19494-19495]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-10367]
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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 May 5, 1998.
A. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
1. Wachovia Corporation, Winston-Salem, North Carolina
(``Company''); to engage de novo through its subsidiary, Wachovia
Capital Markets, Inc., Winston-Salem, North Carolina, in certain
nonbanking activities, including the following: underwriting and
dealing in securities such as: municipal revenue bonds and asset-backed
and mortgage-related securities, defined as obligations secured by or
representing an interest in 1-4 family residential real estate. See
Citicorp, 73 Fed. Res. Bull. 473 (1987), as modified; J.P. Morgan &
Co., 75 Fed. Res. Bull. (1989) as modified.
In addition, the Company intends to engage in the following
securities and other financial activities: making, acquiring and
servicing loans or other extensions of credit, pursuant to Sec.
225.28(b)(1) of Regulation Y; and in activities related to extending
credit, pursuant to Sec. 225.28(b)(2) of Regulation Y; leasing
personal or real property or acting as agent, broker or adviser in
leasing such property if the lease is on a nonoperating basis, pursuant
to Sec. 225.28(b)(3) of Regulation Y; performing functions and
activities that may be performed by a trust company (including
activities of a fiduciary, agency, or custodial nature), pursuant to
Sec. 225.28(b)(5) of Regulation Y; acting as an investment or
financial advisor, pursuant to Sec. 225.28(b)(6) of Regulation Y;
providing securities brokerage services (including securities clearing
and/or securities execution services on an exchange), whether alone or
in combination with investment advisory services, and incidental
activities (including related securities credit activities and
custodial services), pursuant to Sec. 225.28(b)(7)(i) of Regulation Y;
buying and selling in the secondary market all types of securities on
the order of customers as ``riskless principal,'' pursuant to Sec.
225.28(b)(7)(ii) of Regulation Y; acting as agent for the private
placement of various types of securities, pursuant to Sec.
225.28(b)(7)(iii) of Regulation Y; and in investment transactions as
principal including underwriting and dealing in bank-eligible
securities, pursuant to Sec. 225.28(b)(8) of Regulation Y; and
providing management consulting
[[Page 19495]]
advice, pursuant to Sec. 225.28(b)(9) of Regulation Y.
Board of Governors of the Federal Reserve System, April 15,
1998.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 98-10367 Filed 4-17-98; 8:45 am]
BILLING CODE 6210-01-F
