For immediate release The Federal Reserve Board announced today its approval of the application of Banco BBA-Creditanstalt S.A., S o Paulo, Brazil, to establish a representative office in New York, New York. Attached is the Board's Order relating to this action. The Foreign Bank Supervision Enhancement Act of 1991, which amended the IBA, provides that a foreign bank must obtain the approval of the Board to establish a representative office in the United States. The time for filing comments has expired, and the Board has considered the application and all comments received.
Bank engages in a full range of commercial and investment banking activities.
In addition, through subsidiaries, Bank provides consumer loans and private banking services. Bank operates five banking offices in Brazil, a branch in Nassau, the Bahamas, and a representative office in Buenos Aires, Argentina. Bank recently received approval from the U.K. Financial Services Authority to establish a representative office in London, England. Participacoes owns a registered broker-dealer, BBA Securities Corp., in New York, New York. The proposed representative office would solicit new business, conduct research, and act as a liaison between Bank's head office in Brazil and customers in the United States.