Notice of Proposals to Engage in Permissible Nonbanking Activities or to Acquire Companies that are Engaged in Permissible Nonbanking Activities

[Federal Register Volume 63, Number 75 (Monday, April 20, 1998)]
[Notices]
[Pages 19494-19495]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-10367]


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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 May 5, 1998.
    A. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
    1. Wachovia Corporation, Winston-Salem, North Carolina 
(``Company''); to engage de novo through its subsidiary, Wachovia 
Capital Markets, Inc., Winston-Salem, North Carolina, in certain 
nonbanking activities, including the following: underwriting and 
dealing in securities such as: municipal revenue bonds and asset-backed 
and mortgage-related securities, defined as obligations secured by or 
representing an interest in 1-4 family residential real estate. See 
Citicorp, 73 Fed. Res. Bull. 473 (1987), as modified; J.P. Morgan & 
Co., 75 Fed. Res. Bull. (1989) as modified.
    In addition, the Company intends to engage in the following 
securities and other financial activities: making, acquiring and 
servicing loans or other extensions of credit, pursuant to Sec.  
225.28(b)(1) of Regulation Y; and in activities related to extending 
credit, pursuant to Sec.  225.28(b)(2) of Regulation Y; leasing 
personal or real property or acting as agent, broker or adviser in 
leasing such property if the lease is on a nonoperating basis, pursuant 
to Sec.  225.28(b)(3) of Regulation Y; performing functions and 
activities that may be performed by a trust company (including 
activities of a fiduciary, agency, or custodial nature), pursuant to 
Sec.  225.28(b)(5) of Regulation Y; acting as an investment or 
financial advisor, pursuant to Sec.  225.28(b)(6) of Regulation Y; 
providing securities brokerage services (including securities clearing 
and/or securities execution services on an exchange), whether alone or 
in combination with investment advisory services, and incidental 
activities (including related securities credit activities and 
custodial services), pursuant to Sec.  225.28(b)(7)(i) of Regulation Y; 
buying and selling in the secondary market all types of securities on 
the order of customers as ``riskless principal,'' pursuant to Sec.  
225.28(b)(7)(ii) of Regulation Y; acting as agent for the private 
placement of various types of securities, pursuant to Sec.  
225.28(b)(7)(iii) of Regulation Y; and in investment transactions as 
principal including underwriting and dealing in bank-eligible 
securities, pursuant to Sec.  225.28(b)(8) of Regulation Y; and 
providing management consulting

[[Page 19495]]

advice, pursuant to Sec.  225.28(b)(9) of Regulation Y.

    Board of Governors of the Federal Reserve System, April 15, 
1998.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 98-10367 Filed 4-17-98; 8:45 am]
BILLING CODE 6210-01-F