[Federal Register Volume 62, Number 32 (Tuesday, February 18, 1997)]
[Notices]
[Pages 7231-7232]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-3869]


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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.  225.25 of Regulation Y (12 CFR 225.25) 
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. Once the notice 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 the proposal complies with the standards of section 4 
of the BHC Act, including 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'' (12 U.S.C. 1843).
    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 March 4, 1997.
    A. Federal Reserve Bank of New York (Christopher J. McCurdy, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. Banco Bilbao Vizcaya, S.A., Bilbao, Spain;, to engage de novo 
through its wholly-owned subsidiary, BBV LatInvest Securities Inc., New 
York, New York (``Company''), in: (1) underwriting and dealing in, to a 
limited extent, all types of debt and equity securities that a state 
member bank may not underwrite or deal in (see, e.g., J.P. Morgan & 
Co., Inc., 75 Fed. Res.

[[Page 7232]]

Bull. 192 (1989)); (2) acting as agent in the private placement of all 
types of securities (see Bankers Trust New York Corp., 75 Fed. Res. 
Bull. 829 (1989)); (3) buying and selling all types of securities on 
order of customers as ``riskless principal'' (see The Bank of New York 
Company, Inc., 82 Fed. Res. Bull. 748 (1996); (4) providing investment 
and financial advisory services, pursuant to Sec.  225.25(b)(4) of the 
Board's Regulation Y; (5) providing full-service brokerage services, 
pursuant to Sec.  225.25(b)(15) of the Board's Regulation Y; (6) making 
and servicing loans, pursuant to Sec.  225.25(b)(1) of the Board's 
Regulation Y; (7) underwriting and dealing in government obligations 
and money market instruments in which state member banks may underwrite 
and deal under 12 U.S.C. Secs.  335 and 24(7), putsuant to Sec.  
225.25(b)(16) of the Board's Regulation Y; (8) in addition to the 
securities credit activities under the Board's Regulation T, acting as 
``conduit'' or ``intermediary'' in securities borrowing and lending 
(see Republic New York Corp., et al., 80 Fed. Res. Bull. 249 (1994); 
and (9) engaging in the following swaps-related activities: (a) acting 
as agent or broker with respect to interests in loan syndications, 
interest rate and currency swap transactions and related caps, floors, 
collars and options thereon (``swap derivative products''); (b) acting 
as a broker or agent with respect to swaps and swap derivative 
products, and over-the-counter options transactions, linked to products 
other than interest rates and currencies, such as certain commodities, 
stock, bond, or commodity indices, or a hybrid of interest rates and 
such commodities or indices, a specially tailored basket of securities 
selected by the parties, or single securities; (c) providing financial 
and transactions advice regarding the structuring and arranging of 
swaps and swap derivative products relating to non-financial commodity 
swap transactions; and (d) providing investment advice, including 
counsel, written analyses and reports, and other advisory services, 
including discretionary portfolio management services, with respect to 
futures and options on futures on non-financial commodities (see, e.g., 
Caisse Nationale de Credit Agricole, S.A., 82 Fed. Res. Bull. 754 
(1996); First Union Corporation, 81 Fed. Res. Bull. 726 (1995). Company 
would conduct these activities in accordance with Regulation Y and the 
Board's prior orders involving these activities. Company proposes to 
conduct these activities throughout the world.
    B. Federal Reserve Bank of Chicago (James A. Bluemle, Vice 
President) 230 South LaSalle Street, Chicago, Illinois 60690-1413:
    1. Stichting Prioriteit ABN AMRO Holding, Amsterdam, The 
Netherlands; Stichting Administratiekantoor ABN AMRO Holding, 
Amsterdam, The Netherlands; ABN AMRO Holding N.V., Amsterdam, The 
Netherlands; ABN AMRO Bank N.V., Amsterdam, The Netherlands; and ABN 
AMRO North America, Inc., Chicago, Illinois; to acquire Standard 
Federal Bancorp, Inc., Troy, Michigan, and thereby indirectly acquire 
Standard Federal Bank, Troy, Michigan (a federally-chartered stock 
savings bank), and Standard Brokerage Services, Inc., Troy, Michigan, 
and thereby engage in the nonbanking activities of operating a savings 
association, pursuant to Sec.  225.25(b)(9) of the Board's Regulation 
Y, and in providing securities brokerage services in combination with 
investment advisory services, pursuant to Sec.  225.25(b)(15) of the 
Board's Regulation Y.

    Board of Governors of the Federal Reserve System, February 11, 
1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-3869 Filed 2-14-97; 8:45 am]
BILLING CODE 6210-01-F