[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
