[Federal Register Volume 60, Number 165 (Friday, August 25, 1995)]
[Notices]
[Page 44347]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-21141]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
The Fuji Bank Limited, et al.; Notice of Applications to Engage
de novo in Permissible Nonbanking Activities
The companies listed in this notice have filed an application under
Sec. 225.23(a)(1) of the Board's Regulation Y (12 CFR 225.23(a)(1))
for the Board's approval under section 4(c)(8) of the Bank Holding
Company Act (12 U.S.C. 1843(c)(8)) and Sec. 225.21(a) of Regulation Y
(12 CFR 225.21(a)) to commence or to engage de novo, either directly or
through a subsidiary, in a nonbanking activity that is listed in Sec.
225.25 of Regulation Y as closely related to banking and permissible
for bank holding companies. Unless otherwise noted, such activities
will be conducted throughout the United States.
Each application is available for immediate inspection at the
Federal Reserve Bank indicated. Once the application has been accepted
for processing, it will also be available for inspection at the offices
of the Board of Governors. Interested persons may express their views
in writing on the question whether consummation of the proposal can
``reasonably be expected to produce benefits to the public, such as
greater convenience, increased competition, or gains in efficiency,
that outweigh possible adverse effects, such as undue concentration of
resources, decreased or unfair competition, conflicts of interests, or
unsound banking practices.'' Any request for a hearing on this question
must be accompanied by a statement of the reasons a written
presentation would not suffice in lieu of a hearing, identifying
specifically any questions of fact that are in dispute, summarizing the
evidence that would be presented at a hearing, and indicating how the
party commenting would be aggrieved by approval of the proposal.
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 8, 1995.
A. Federal Reserve Bank of New York (William L. Rutledge, Senior
Vice President) 33 Liberty Street, New York, New York 10045:
1. The Fuji Bank Limited, Tokyo, Japan; to engage de novo through
its subsidiary, Fuji Capital Markets Corporation, New York, New York
(FCMC), in certain back-office and middle-office services related to
swaps, swap transactions, including without interest rate and currency
swaps, and swap derivative products such as caps, floors and collars,
as well as various financial instruments that are used to properly
hedge and manage a derivatives portfolio. These activities will be
provided for third parties and will be performed on FCMC's premises.
These activities will include funds transfers and other payment agency
functions, rate settings, payment notifications, cash reconciliations,
deal confirmations, other documentation assistance, and risk and
position reporting, pursuant to Sec. 225.25(b)(7) of the Board's
Regulation Y. These activities will be conducted on a worldwide basis.
2. Standard Chartered PLC, London, England, Standard Chartered
Holdings Limited, London, England, and Standard Chartered Bank, London,
England; to engage de novo through their subsidiary, Standard Chartered
Trade Services Corporation, New York, New York in making, acquiring, or
servicing loans or other extensions of credit for their own account or
for the account of others, including the business of commercial finance
and asset based financing, and including the secured and unsecured
financing of trade and commodity activities, domestically, abroad and
in international commerce, through the issuance of letters of credit,
acceptance of notes and drafts and/or in taking title to goods in order
to effect the financing of trade, and otherwise and to accept security
in the form of guarantees, letters of credit, title retention and
chattel mortgages in order to facilitate said transactions, pursuant to
Sec. 225.25 (b)(1) of the Board's Regulation Y. The geographic scope
of this activity is worldwide.
B. Federal Reserve Bank of Kansas City (John E. Yorke, Senior Vice
President) 925 Grand Avenue, Kansas City, Missouri 64198:
1. UMB Financial Corporation, Kansas City, Missouri; to acquire UMB
U.S.A., National Association, Omaha, Nebraska (in organization), and
thereby engage de novo in credit card activities, pursuant to the
lending authority of Sec. 225.25(b)(1) of the Board's Regulation Y.
Board of Governors of the Federal Reserve System, August 21,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-21141 Filed 8-24-95; 8:45 am]
BILLING CODE 6210-01-F
