[Federal Register Volume 62, Number 165 (Tuesday, August 26, 1997)]
[Notices]
[Pages 45255-45256]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-22601]
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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 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 9, 1997.
A. Federal Reserve Bank of Cleveland (Jeffery Hirsch, Banking
Supervisor) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:
1. National City Corporation, Cleveland, Ohio, acting through its
wholly-owned subsidiary, National Processing, Inc., Louisville,
Kentucky, to acquire Caribbean Data Services, Ltd., Dallas, Texas, and
thereby engage in
[[Page 45256]]
processing the payment of health insurance claims by performing data
entry of customer provided information and information relating to the
cost of medical treatment, and by utilizing the customer's database to
match membership and provider information to facilitate payment between
the provider and the insurer, and in collection of financial and other
data from hard copies and electronic images of airline tickets that is
provided to customers for billing purposes, pursuant to
Sec. 225.28(b)(14) of the Board's Regulation Y. See, Banc One
Corporation, 80 Fed. Res. Bull. 139 (1994).
B. Federal Reserve Bank of San Francisco (Pat Marshall, Manager of
Analytical Support, Consumer Regulation Group) 101 Market Street, San
Francisco, California 94105-1579:
1. BankAmerica Corporation, San Francisco, California; to acquire
all of the assets, and assume all of the liabilities of Robertson
Stephens & Company Group (``Group''), and Robertson Stephen & Company,
Inc. (``RS&Co., Inc.''), and thereby engage worldwide in underwriting
and dealing in, to a limited extent, all types of debt and equity
securities other than interests in open end investment companies See
J.P. Morgan & Co., Inc., Citicorp and Security Pacific Corp., 75 Fed.
Res. Bull, 192 (1989); in underwriting and dealing in obligations of
the United States, general obligations of states and their political
subdivisions, and other obligations that state members banks of the
Federal Reserve System may be authorized to underwrite and deal in
under 12 U.S.C. 24 and 335, pursuant to Sec. 225.28(b)(8) of the
Board's Regulation Y; in acting as investment or financial advisor,
pursuant to Sec. 225.28(b)(6) of the Board's Regulation Y; in providing
securities brokerage services (including securities clearing and
securities execution services on an exchange), alone and in combination
with investment advisory services, and incidental activities (including
related securities credit activities and custodial services), pursuant
to Sec. 225.28(b)(7) of the Board's Regulation Y; in buying and selling
in the secondary market all types of securities on the order of
customers as a riskless principal to the extent of engaging in a
transaction in which the company, after receiving an order to buy (or
sell) a security from a customer, purchases (or sells) the security for
its own account to offset a contemporaneous sale to (or purchase from)
the customer, pursuant to Sec. 225.28(b)(76) of the Board's Regulation
Y; in acting as agent for the private placement of securities in
accordance with the requirements of the Securities Act of 1933 and the
rules of the Securities and Exchange Commission, pursuant to
Sec. 225.28(b)(7) of the Board's Regulation Y; and in providing
administrative and other services to investment companies, including
open-end investment companies (``mutual funds''). See Bankers Trust 83
Fed. Res. Bull. ------ (Order dated July 21, 1997); Barclays PLC, 82
Fed. Res. Bull. 158 (1996); Bank of Ireland, 82 Fed. Res. Bull. 1129
(1996). BankAmerica would engage in these activities in accordance with
the limitations and conditions previously established by the Board by
regulation or order, with certain exceptions relating to the proposed
provision of advisory and administrative services to mutual funds that
are discussed in the notice. BankAmerica also intends to acquire
certain offshore subsidiaries, companies engaged in providing services
to Group and RS & Co. and its affiliates, and proprietary investments
currently owned by Group and RS & Co. Inc.
Board of Governors of the Federal Reserve System, August 20,
1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-22601 Filed 8-25-97; 8:45 am]
BILLING CODE 6210-01-F
