10084 Federal Register / Vol. 60, No. 36 / Thursday, February 23, 1995 / Notices

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.

Comments regarding the application

must be received at the Reserve Bank

indicated or the offices of the Board of

Governors not later than March 8, 1995.

A. Federal Reserve Bank of Chicago

(James A. Bluemle, Vice President) 230

South LaSalle Street, Chicago, Illinois

60690:

1. Marshall & Iisley, Milwaukee,

Wisconsin; to acquire a 50 percent

interest in a newly formed company and

thereby engage de novo in the marketing

of data processing and transmission

services, pursuant to § 225.25(b)(7) of

the Board’s Regulation Y.

Board of Governors of the Federal Reserve

System, February 16, 1995.

William W. Wiles,

Secretary of the Board.

[FR Doc. 95-4350 Filed 2-22-95; 8:45 am]

BILLING CODE 6210-01-F

Fifth Third Bancorp, et al.;

Acquisitions of Companies Engaged in

Permissible Nonbanking Activities

The organizations listed in this notice

have applied under § 225.23(a)(2) or (f)

of the Board’s Regulation Y (12 CFR

225.23(a)(2) or (f)) for the Board’s

approval under section 4(c)(8) of the

Bank Holding Company Act (12 U.S.C.

1843(c)(8)) and § 225.21(a) of Regulation

Y (12 CFR 225.21(a)) to acquire or

control voting securities or assets of a

company engaged in a nonbanking

activity that is listed in § 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 each of these applications

must be received at the Reserve Bank

indicated for the application or the

offices of the Board of Governors not

later than March 8, 1995.

A. Federal Reserve Bank of Cleveland

(John J. Wixted, Jr., Vice President) 1455

East Sixth Street, Cleveland, Ohio

44101:

1. Fifth Third Bancorp, Cincinnati,

Ohio; to acquire Falls Financial, Inc.,

Cuyahoga, Falls, Ohio, and indirectly

acquire Falls Savings Bank, FSB,

Cuyahoga, Falls, Ohio, and thereby

engage in operating a savings and loan

association, pursuant to § 225.25(b)(9)

of the Board’s Regulation Y.

B. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411

Locust Street, St. Louis, Missouri 63166:

1. Old National Bancorp, Evansville,

Indiana; to acquire Citizens National

Life Insurance Corporation, Tell City,

Indiana, and thereby engage in

underwriting credit life, accident and

health insurance, pursuant to §

225.25(b)(8)(i) of the Board’s Regulation

Y.

C. Federal Reserve Bank of

Minneapolis (James M. Lyon, Vice

President) 250 Marquette Avenue,

Minneapolis, Minnesota 55480:

1. Norwest Corporation, Minneapolis,

Minnesota; to acquire through its

subsidiary Norwest Mortgage, Inc. Des

Moines, Iowa, the mortgage servicing

rights from Barclays American/Mortgage

Corporation, Charlotte, North Carolina,

and thereby engage in mortgage

servicing activities, pursuant to §

225.25(b)(1) of the Board’s Regulation Y.

Board of Governors of the Federal Reserve

System, February 16, 1995.

William W. Wiles,

Secretary of the Board.

[FR Doc. 95-4349 Filed 2-22-95; 8:45 am]

BILLING CODE 6210-01-F

Swiss Bank Corporation, Basel,

Switzerland; Application to Engage in

Nonbanking Activities

Swiss Bank Corporation, Basel,

Switzerland (Applicant) has applied,

pursuant to section 4(c)(8) of the Bank

Holding Company Act (12 U.S.C. §

1843(c)(8)) (BHC Act) and 225.23(a)(3)

of the Board’s Regulation Y (12 CFR

225.23(a)(3)), to acquire and retain

indirect ownership, control and power

to vote up to 100 percent of the voting

shares of Brinson Partners, Inc. (Brinson

Partners) and Brinson Trust Company

(Brinson Trust) and to thereby to engage

in the following nonbanking activities:

(1) providing investment and financial

advisory services; (2) providing

investment advice to nonaffiliated

persons with respect to (A) the purchase

and sale of financial futures contracts

and options on such futures contracts as

set forth in 12 CFR 225.25(b)(19), and

(B) the purchase and sale of those

futures contracts and options on futures

contracts based on bonds, interest rates

and stock and bond indexes that the

Board has approved previously; and (3)

providing trust company services.

Applicant proposes to provide

investment advice to clients directly

and through limited partnerships, for

which Brinson Partners would act as

investment advisor and in some cases as

general partner.

Section 4(c)(8) of the BHC Act

provides that a bank holding company

may, with Board approval, engage in

any activity which the Board, after due

notice and opportunity for hearing,

determines by order or regulation to be

so closely related to banking or

managing or controlling banks as to be

a proper incident thereto. This statutory

standard requires that two separate tests

be met for an activity to be permissible

for a bank holding company. First, the

Board must determine that the activity

is, as a general matter, closely related to

banking. Second, the Board must find in

a particular case that the performance of

the activity by the applicant bank

holding company may reasonably be

expected to produce public benefits that

outweigh possible adverse effects.

A particular activity may be found to

meet the ‘‘closely related to banking’’

test if it is demonstrated that banks have

generally provided the proposed

activity; that banks generally provide

services that are operationally or

functionally similar to the proposed

activity so as to equip them particularly

well to provide the proposed activity; or

that banks generally provide services

that are so integrally related to the

proposed activity as to require their

provision in a specialized form.
Federal Register / Vol. 60, No. 36 / Thursday, February 23, 1995 / Notices 10085

National Courier Ass’n v. Board of

Governors, 516 F.2d 1229, 1237 (D.C.

Cir. 1975). In addition, the Board may

consider any other basis that may

demonstrate that the activity has a

reasonable or close relationship to

banking or managing or controlling

banks. Board Statement Regarding

Regulation Y, 49 FR 806 (1984).

The Board has previously approved,

by regulation, providing investment and

financial advisory services, 12 CFR

225.25(b)(4)(i)-(v) and (vi)(A)(1) and (2),

providing investment advice to nonaffiliated persons with respect to the

purchase and sale of financial futures

contracts and options on such futures

contracts, 12 CFR 225.25(b)(19) and

trust services, 12 CFR 225.25(b)(3).

Applicant has stated that it would

conduct these proposed activities

subject to the requirements and

limitations of the Board’s Regulation Y.

The Board also has previously

determined by order that the provision

of investment advisory services with

respect to financial futures and options

on futures contracts on bonds, interest

rates and stock and bond indexes is a

permissible activity pursuant to Section

4(c)(8) of the BHC Act. See SR 93-27;

National Westminster Bank PLC, 78

Federal Reserve Bulletin 953 (1992);

Manufacturers Hanover Corporation, 76

Federal Reserve Bulletin 774 (1990); and

The HongKong and Shanghai Banking

Corporation, 76 Federal Reserve

Bulletin 770 (1990). The Board has also

approved the providing of investment

advice through limited partnerships.

See Meridian Bancorporation, 80

Federal Reserve Bulletin 736 (1994).

Applicant proposes to comply with

commitments similar to those relied on

by the Board in Meridian, but seeks, in

the alternative, a determination that

Brinson Partners does not control the

limited partnerships for purposes of the

Bank Holding Company Act, or, if it is

deemed to control the partnerships,

‘‘grandfather’’ treatment for four existing

limited partnerships that Brinson

Partners serves as general partner.

In order to satisfy the proper incident

to banking test, section 4(c)(8) of the

BHC Act requires the Board to find that

the performance of the activities by

Company 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 interest, or unsound banking

practices. Applicant believes that the

proposed activities will benefit the

public by providing access by customers

of Applicant to the institutional asset

management experience and expertise

of Brinson Partners and by permitting

Applicant to draw on such experience

and expertise to enhance its investment

advisory products and services.

Applicant believes that competition will

be fostered by enhancing the ability of

Applicant to compete in the asset

management arena with sophisticated

competitors as a result of the

combination of Applicant’s existing

institutional asset management business

with that of Brinson Partners and

Brinson Trust. Applicant further

believes that the proposal will not result

in adverse effects.

In publishing the proposal for

comment, the Board does not take a

position on issues raised by the

proposal. Notice of the proposal is

published solely in order to seek the

views of interested persons on the

issues presented by the application and

does not represent a determination by

the Board that the proposal meets, or is

likely to meet, the standards of the BHC

Act.

Any comments or requests for hearing

should be submitted in writing and

received by William W. Wiles,

Secretary, Board of Governors of the

Federal Reserve System, Washington,

D.C. 20551, not later than March 8,

1995. Any request for a hearing on this

application must, as required by §

262.3(e) of the Board’s Rules of

Procedure (12 CFR 262.3(e)), be

accompanied by a statement of the

reasons why 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.

This application may be inspected at

the offices of the Board of Governors or

the Federal Reserve Bank of New York.

Board of Governors of the Federal Reserve

System, February 16, 1995.

William W. Wiles,

Secretary of the Board.

[FR Doc. 95-4348 Filed 2-22-95; 8:45 am]

BILLING CODE 6210-01-F

FEDERAL TRADE COMMISSION

Granting of Request for Early

Termination of the Waiting Period

Under the Premerger Notification

Rules

Section 7A of the Clayton Act, 15

U.S.C. 18a, as added by Title II of the

Hart-Scott-Rodino Antitrust

Improvements Act of 1976, requires

persons contemplating certain mergers

or acquisitions to give the Federal Trade

Commission and the Assistant Attorney

General advance notice and to wait

designated periods before

consummation of such plans. Section

7A(b)(2) of the Act permits the agencies,

in individual cases, to terminate this

waiting period prior to its expiration

and requires that notice of this action be

published in the Federal Register.

The following transactions were

granted early termination of the waiting

period provided by law and the

premerger notification rules. The grants

were made by the Federal Trade

Commission and the Assistant Attorney

General for the Antitrust Division of the

Department of Justice. Neither agency

intends to take any action with respect

to these proposed acquisitions during

the applicable waiting period.

TRANSACTIONS GRANTED EARLY TERMINATION BETWEEN: 013095 AND 021095

Name of acquiring person, name of acquired person, name of acquired entity PMN No. Date terminated

The Foothill Group, Inc., Norfolk Shipbuilding & Drydock Corporation, Flagship Financial Corporation ................... 95–0835 01/30/95

Cilluffo Associates, L.P., Stone & Webster, Incorporated, Stone & Webster, Incorporated, ..................................... 95–0795 01/31/95

Cilluffo Associates, L.P., GRC International, Inc., GRC International, Inc. ................................................................ 95–0796 01/31/95

AT&T Corp., GFC Financial Corporation Greyhound Financial Corporation .............................................................. 95–0881 01/31/95

BASF Aktiengesellschaft, The Boots Company, The Boots Company (USA) Inc. .................................................... 95–0830 02/01/95

Value Health, Inc., Group Hospitalization and Medical Services, Inc., Health Management Strategies International, Inc. ............................................................................................................................................................ 95–0832 02/01/95

Sears, Roebuck and Co., Federated Department Stories, Inc., Stern’s Department Stores, Inc. ............................. 95–0834 02/01/95

E. I. DuPont de Nemours and Company, Amoco Corporation, Amoco Production Company .................................. 95–0859 02/01/95

Amoco Corporation, E. I. DuPont de Nemours and Company, Conoco, Inc. ............................................................ 95–0860 02/01/95

Kidd, Kamm Equity Partners, L.P., Irving and Audrey Gronsky, Bristol Foods, Inc. .................................................. 95–0896 02/01/95