A bill to amend the Bank Holding Company act of 1956 to prohibit foreign bank holding companies from acquiring any shares of a company which is primarily engaged in making a tender offer for a United States company engaged in activities other than those permissible for United States bank holding companies and to provide for limitations on acquisitions of companies primarily engaged in other than financial services by certain companies owning banks.

Summary

Amends the Bank Holding Company Act of 1956 to prohibit any foreign bank holding company from acquiring, after March 30, 1988, any stock of a company that is in the process of acquiring at least 25 percent of any class of shares of a U.S. company if: (1) the U.S. company engages in activities other than those permissible for a U.S. bank holding company; and (2) the acquisition of the U.S. company shares results from a tender offer by a person acquiring more than five percent of the class of securities in question. Requires foreign bank holding companies to divest themselves of any shares acquired before March 30, 1988, that fall within the described prohibition. Treats as a bank holding company (and thus subject to prohibitions with respect to equity interests in nonbanking organizations) any company that owns a grandfathered nonbank bank if: (1) the company's consolidated assets are at least 50 percent devoted to financial services and more than ten percent devoted to insured banks; and (2) the company acquires control, after March 28, 1988, of more than five percent of the stock of a company not primarily devoted to financial services activities.

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• Introduced in Senate

  summary · EN · 14 April 1988

  Open at official source

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