[Federal Register Volume 63, Number 184 (Wednesday, September 23, 1998)]
[Notices]
[Page 50914]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-25442]
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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 8, 1998.
A. Federal Reserve Bank of Cleveland (Paul Kaboth, Banking
Supervisor) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:
1. PNC Banc Corp., Pittsburg, Pennsylvania; to engage de novo
through its subsidiary, PNC Capital Markets, Inc., Pittsburgh,
Pennsylvania, in underwriting and dealing in all types of debt and
equity securities (See e.g., 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) (the ``1989 Morgan
Order''), aff'd sub nom., Securities Industry Association v. Board of
Governors, 900 F.2d 360 (D.C. Cir. 1990) (``SIA'' v. Board); Canadian
Imperial Bank of Commerce, The Royal Bank of Canada, Barcalys PLC, and
Barclays Bank PLC, 76 Fed. Res. Bull. 158 (1990), 80 Fed. Res. Bull.
1104 (1990)) and certain incidental activities permissible for nonbank
subsidiaries of bank holding companies, pursuant to Sec. 225.25(a)(2)
of Regulation Y.
Board of Governors of the Federal Reserve System, September 18,
1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-25442 Filed 9-22-98; 8:45 am]
BILLING CODE 6210-01-F
