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Foreign Operations of U.S. Banks - General (1)
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Foreign Operations of U.S. Banks - General (1)
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The original documents are located in Box B49, folder "Foreign Operations of US Banks
(1)" of the Arthur F. Burns Papers at the Gerald R. Ford Presidential Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald R. Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
DATE: June 14, 1971
TO:
CHAIRMAN BURNS
FROM: ROBERT C. HOLLAND
Attached is a memo from our office
chiefly responsible for regulating
foreign branches, Mr. Dahl, answering
to two questions you raised with
me about Nassau Branches:
(1) What reasons have banks
given for wanting them, and
(2) What country's taxes are
avoided by having a Nassau
Branch?
FORD & GERALD LIBRARY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Office Correspondence
Date June 14, 1971
To
Mr. Holland
Subject:
Nassau branches
From
Frederick R. Dahl
FRN
The following may be helpful in responding to the questions
which I understand the Chairman has asked you about Nassau branches.
Reasons given for Nassau branches
A.
Banks without foreign branches have stressed three factors:
1.
The need for a foreign facility to permit avoidance of the
VFCR constraints on the development of their international
business.
The banks have been generally new to the conduct of an
international business, a business which they have sought
to develop as a defensive measure against the competitive
inroads of the very large banks with well established inter-
national facilities. The quotas and other VFCR restrictions
limit the potential of these banks to develop that business.
Also, some of their corporate customers need access to off-
shore funds because of OFDI requirements.
2.
Access to Eurodollar borrowings for domestic liquidity pur-
poses.
This factor was of course far more important during the
period of severe domestic monetary restraint than now, but
(A
banks still cite the potential use of Nassau branches for
this purpose. The advantage of having a foreign branch for
FORD & LIBRARY 9ERALD
-2-
this purpose was greatest prior to the Board's Eurodollar
regulations, but the structure of those regulations also
provided an incentive for using a foreign branch to obtain
these funds rather than to borrow directly from a foreign
bank.
3. A Nassau branch is inexpensive.
Since these banks have a relatively small international busi-
ness, they do not believe that the expense of a full-scale
foreign branch is warranted for the type and volume of busi-
ness to be conducted. A common estimate for startup and
overhead expenses of a London branch is $500,000 and, in
addition, a substantial staff would have to be recruited.
By contrast, fees for a Nassau shell branch are about $10,000
to $15,000 per year.
In addition, some banks have cited the attraction of the Bahamas as a
tax haven for their foreign customers, particularly from Latin America.
That attraction will be enhanced, they believe, if the withholding pro-
visions of the Foreign Investors Tax Act come into force.
B.
Banks with foreign branches in other locations have sought
to establish a Nassau branch principally to avoid double taxation of
income derived in their London branch. By booking in Nassau loans made
to U.S. residents and others, the income of which is considered by the
I.R.S. as "U.S. source income," the bank is only liable for U.S. income
tax. If the loans were booked in London, the income would also be sub-
ject to U.K. income tax.
GERALD FORD LIBRARY
-3-
Besides this tax reason, some of these banks also look to
the Nassau branch as a means of obtaining access to tax-haven funds
and as a defensive measure against possible losses of deposits if
the withholding tax provisions of the Foreign Investors Tax Act come
into force.
Whose taxes are being avoided in Nassau?
The "tax issue" is described in detail in the staff memo-
randum of October 22, 1970, as it relates to the banks themselves and
as it relates to their foreign customers.
As to the banks themselves, a Nassau branch affords no
opportunity for them to avoid U.S. taxes. As branches, all their in-
come is consolidated with the income of U.S. offices and subject to
U.S. taxes. What a Nassau branch permits a bank to do is to reduce
its overall tax liabilities by reducing taxes paid to foreign govern-
ments. By reducing taxes paid to foreign governments and the credits
for such payments against the bank's U.S. tax liability, the amount of
taxes paid to the United States may actually be increased.
As to the customers of the banks, again there is reason to
believe that it is largely foreign taxes that are being avoid. Pro-
spectively, if the withholding tax provisions of the Foreign Investors
Tax Act come into force, deposits might be shifted from U.S. offices
to Nassau to avoid U.S. taxes. That shifting might. also be prompted
by fears that information on the depositor's earnings in the United
States would be supplied to the depositor's own government.
is
FURU
GERALD
LIBRARY
FR 468
(Rev. 3-63)
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MEMO
Date 9-1-71 Time
Chairman Burns
To:
From:
Mr. Fry
Tel. No.
Ext.
Please call
For your approval
Returned your call
\
For your information
Will call again
Note and return
Phone me re attached
For comments and suggestions
See me re attached
Preparation of reply
MESSAGE:
FORDO is GERVID LIBRARY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Office Correspondence
Date September 2, 1971.
To
Governor Brimmer
Subject: Classification of loans
From
Edward R. Fry ERt
to Japanese trading companies.
In response to your question at the Board briefing last
Friday, we have inquired about the classification of Japanese
trading companies in business loans at several large banks in
New York City, Chicago, and San Francisco. These contacts indicate
that the largest share of such loans are reflected in banker's
acceptances. In addition, some loans to the Japanese companies
have been classified in "foreign commercial and industrial loans,"
and some have been classified in the wholesale trade category.
According to the instructions for the weekly report of
business loans by industry, "foreign C&I loans are defined as those
made to any firm domiciled outside the U.S. or organized under the
laws of a foreign country, except branches and agencies thereof
located in the U.S." Foreign-owned firms domiciled in the U.S.
would be classified inthe appropriate industry category with other
domestic borrowers. While some of the banks indicated that some
loans were classified as foreign and some as wholesale trade, these informal
contacts did not establish whether the banks were correctly classifying
according to the domicile rule.
Two major banks in New York City had classified about
$50 million of loans to Japanese companies as domestic, in the
wholesale trade category. These two banks apparently accounted
for a large part of the increase in loans to wholesale firms (see
attached table). They stated that small amounts also had been
reported as foreign C&I loans. A third major New York bank seemed
confused about the treatment of such loans, but this bank did
identify a large amount of banker's acceptances ($173 million),
reported in the week ending August 18, as representing loans to
Japanese trading companies. These acceptances, reportedly, were
to be on the bank's books for one week. 1/ One major New York bank
refused to comment on the composition of its data in the absence of
a formal request from the Board. 2/
The net decline in acceptances at New York City banks in the
week ending August 25 was only $49 million.
Normal data contacts with this national bank are through the
bank's controller, and the New York FRB frequently has difficulty
in checking data or getting additional information. The bank
has recently written Chairman Burns concerning burden of reporting.
BERALD FORD, LIBRARY
TO: Governor Brimmer
-2-
Two large banks in Chicago had included a total of $34
million of loans to Japanese trading companies as foreign business
loans. It was not determined whether these companies were actually
domiciled outside the U.S., consistent with the definition of
foreign C&I loans.
In San Francisco, most of the increase in business loans
was in banker's acceptances. These loans were mainly to foreign
companies, mostly Japanese. Also, a small amount of loans to
Japanese firms were classified in the wholesale trade category
(less than $1 million each for two companies). The San Francisco
Reserve Bank commented that most of the increase reported in foreign
C&I loans reflected repurchase of a large loan that one bank had
previously sold. This was considered unrelated to the large credit
extensions to foreign-owned companies and foreign banks.
We also received comments that a large amount of Japanese
financing was reflected in interbank loans, consistent with your
survey last week. Most of this was reported as "loans to foreign
banks." The San Francisco Reserve Bank indicated that loans to
domestic commercial banks in the Twelfth District more than doubled
in the week of August 18, reflecting mainly increases in loans to
American agencies of foreign banks. As the table indicates, domestic
interbank loans increased somewhat more than usual for this period,
but not as much as loans to foreign banks. The distinction between
loans to foreign agencies and loans to foreign banks is intended to
be on the basis of domicile, as in the case of business firms.
However, the instructions for reporting these interbank loans are
not clear on this point, so the reported increase in loans to foreign
banks could include some misclassification of loans to agencies.
In either case, such loans could serve as a further financing source
for Japanese companies as lending limits under direct lines were
reached.
Attachment.
cc: Chairman Burns
Governor Robertson
Governor Mitchell
R.
FORD
Governor Daane
Governor Maisel
GERALD
Governor Sherrill
LIBRARY
CHANGES IN LOANS AT WEEKLY REPORTING BANKS
(In millions of dollars)
1971
Four Weeks of August
Aug. 4
Aug. 11
Aug. 18
Aug. 25
1971
1970
1969
1968
1967
Business loans:
Foreign business concerns
50
9
221
88
368
11
-58
--
1
Wholesale trade
19
-18
51
57
109
-25
-37
-28
-58
Bankers' acceptances
33
- 2
454
42
527
202
-102
-40
16
Loans to foreign commercial banks
58
115
701
92
966
-28
-117
30
-13
Loans to domestic commercial banks*
3
18
206
66
293
-23
-44
246
- 4
* Agencies and branches of foreign banks are believed to be classified as domestic commercial banks for purposes of
this item; however, reporting instructions are not explicit on this point. Prior to June 1969, loans to banks
include Federal funds; subsequent to that date, Federal funds are reported separately.
R.
FORD
GERALD
LIBRASA
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
DATE: October 21, 1971
TO:
MRS. MALLARDI
FROM:
ROBERT C. HOLLAND
FORD is LIBRARY GERALD
The Chairman wants this thing
dug out and shown to him because
he might want to send it to the
President. If you can't find his,
you can use mine - or secure an
additional one from Sam Pizer's
office.
Attachment - 10/18/71 memo from
Mr. Pizer to Mr. Holland re Survey
of banks covering foreign trans-
actions since August 15 transmitting
report of 10/18/71 and 10/1/71
statement on Survey of United States
Commercial Banks Regarding Inter-
national Payments Experience Since
August 15.
Soul Hollaw -
Sind cpin, in my name,
L Credy, Volcher, McCrailer,
Pitasm, Samus, 5/4/172
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Office Correspondence
Date October 18, 1971.
To
Mr. Holland
Subject: Survey of banks covering foreign
From
Samuel Pizer SIP
transactions since August 15.
The attached memorandum by Mr. Dooley contains the early
results of our recent survey of commercial banks concerning the
effect on U.S. foreign trade and payments of the measures taken on
August 15.
A more detailed report is being prepared.
Attachment
FORD is LIBRARY 076830
October 18, 1971
The following note summarizes the results from an informal
survey conducted by the System on the effects on U.S. international
trade and payments of measures taken August 15. The questionnaire
(attached) was sent to over 75 commercial banks in the 12 Federal
Reserve Districts during the first week in October.
Almost all of the respondents indicated that U.S. exports
had not been significantly disrupted since August 15. The banks
polled reported that foreigners, with the exception of the Japanese,
experienced no difficulty in making dollar payments, nor have U.S.
exporters had difficulty disposing of foreign currency receipts
from exports not paid for in dollars. Some difficulty was reported
in covering the dollar-value of future yen receipts by exporters
in the San Francisco District, as no forward market for yen was
available over the period covered by the poll. This situation has
probably improved slightly in the past week since the Bank of Japan
has actively attempted to establish a forward market in its currency.
A few of the respondents noted that dollar payments by foreigners to
U.S. exporters were being delayed, probably in anticipation of further
declines in the dollar's exchange value.
Reporting banks from all districts, totaling over 3/4 of the
respondents, indicated that imports had been either significantly or
very significantly disrupted since August 15. Most banks indicated
FORD & IBRARY GERALD
-2-
that the Pacific coast dock strike was a very important cause of
import disruption and had tended to make it difficult to separate
the effects of the import surcharge and exchange market developments.
However, some opinions were widely held.
About two-thirds of the banks polled reported that the
import surcharge has had a significant impact on imports. A few banks
observed that the temporary nature of the measure, rather than the
increased cost of imports, had been important in that this feature
had generated considerable uncertainty, and had led to a delay in
placing import orders. This was particularly troublesome for importers
who have to make advanced pricing decision (for example Sears' Christmas
catalogue).
Another widely reported tendency was for U.S. import contracts
which had normally been denominated in dollars to be denominated in
foreign currencies. A shift toward yen-denominated contracts was
particularly noticed, although a similar but weaker trend was reported
for the German mark, sterling, Netherlands guilder and others.
Estimates by the reporting banks as to the level of foreign currency-
denominated contracts vary over a wide range, with most banks reporting
about a three-fold increase in such transactions.
Other devices designed to shift exchange risk to U.S. importers
included separate contracts which would adjust the amount of dollar
payments upwards to compensate for losses in the dollars' exchange value,
GERALD FORD LIBRARY
-3-
and refusal on the part of foreign exporters to accept dollar letters
of credit except on a sight basis. These devices were particularly
evident in contracts for imports from Japan.
U.S. importers also reported difficulties in obtaining
yen and French francs in order to make payment for imports. In
both these currencies the importer must supply proof that he needs
the funds for commercial payments, and at times the red tape involved
proved a significant difficulty.
U.S. importers reported that forward cover on their
future foreign currency payments was not available for yen payments
and expensive for other currencies. In addition, many importers who
were unfamiliar with forward markets before August 15 had difficulty
adjusting to the increased uncertainty, but that in general, forward
markets for currencies other than the yen were operating satisfactorily,
although cover was more expensive than had generally been the case before
August 15.
In conclusion it appears that imports have been harder hit
than exports since August 15, and, while the effects of exchange
uncertainty have not been insignificant, a full appraisal of their
impact must wait upon the removal of other disturbances such as the
dock strike and the surcharge.
GEBALD FORD LIBRARY
October 1, 1971.
Survey of United States Commercial Banks Regarding
International Payments Experience Since August 15
The following questions are designed to discover how the
President's actions of August 15, and the actions that have followed
in foreign countries, have affected U.S. exports and imports. To
expedite the inquiry, at this stage commercial banks are asked to report
only on the basis of their present impressions without making special
efforts to consult with customers:
(1) Have your customers reported, or have you noted, that
they have experienced unusual difficulties in effecting export trans-
actions since August 15, in obtaining payment, in obtaining new orders,
or in executing related foreign exchange transactions. If so, which
of the following factors are (significant, moderately significant,
insignificant):
(a) Difficulty on the part of foreigners (specify country)
in making payments to U.S. exporters in dollars.
(b) Difficulty on the part of U.S. exporters in disposing of
foreign currency proceeds (specify currency).
(c) Difficulty in obtaining forward cover for exchange risk
when exports are invoiced in foreign currencies (specify currency).
(d) Difficulty on the part of foreigners in making payments
because of exchange control or other payments regulations established
or reinforced abroad (specify country) after August 15.
FORD is LIBRARY 076835
-2-
(e) Payment delays by foreign importers on U.S. dollar
denominated orders.
(f) Other (specify).
(2) Have your customers reported or have you noted that they
have experienced unusual difficulties in effecting import transactions
since August 15, either in making payments or deciding to place orders?
If so, which of the following factors are significant (very, moderately,
insignificant):
(a) The import surcharge.
(b) An increasing tendency for U.S. imports to be invoiced in
foreign currencies. What is your estimate of the proportion invoiced
in foreign currencies before August 15, and the proportion now invoiced
in foreign currencies, i.e., has the proportion changed significantly?
(c) Difficulty in obtaining foreign currencies (specify curren-
cies and type of difficulty) to effect current transactions, or diffi-
culty on the part of foreign exporters in converting dollars to their
own currencies (specify country).
(d) Difficulty in covering foreign exchange risks in the
forward market (specify currencies).
(e) Other (specify).
(3) What is your estimate of the proportion of (a) the
export and (b) the import business transacted through your bank that
has been significantly disrupted by actions taken since August 15?
FORD is LIBRARY 076839
-3-
(4) Have the difficulties you have identified -- with respect
to either export or import transactions -- tended to worsen or improve
in the past week or two?
(5) Do you have other comments regarding developments in
foreign exchange markets since August 15, or on other factors affecting
U.S. exports or imports since then, such as changes in terms of financ-
ing or payment?
FORD : LIBRARY GERALD
FR 468
(Rev. 3-63)
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MEMO
Date 1-27-72
Time
To:
CHAIRMAN BURNS
From:
FREDERICK R. DAHL
Tel. No.
Ext.
Please call
For your approval
Returned your call
X
For your information
Will call again
Note and return
Phone me re attached
For comments and suggestions
See me re attached
Preparation of reply
MESSAGE:
FORD is LIBRARY GERVIL
CONFIDENTIAL (FR)
FORD
ASSETS AND LIABILITIES OF SECTION 25 AND 25(a) CORPORATIONS ENGAGED IN FOREIGN BANKING AND FINANCING
GERALD
LIBRARY
As of June 30, 1971
(Amounts in thousands of U.S. dollars)
Cash
Other
& Due
U.S.
Obligations
Bonds
Cust. Liab.
TOTAL
TOTAL
From
Govt.
of other
Notes
Equities
on
Fixed
Other
ASSETS
Total
(Time
Liab. on
Other
Valuation
Reserve
Undivided
Contingency
CAPITAL
Section 25(a) Corporations
Banks
Sec.
Govt's
etc.
(at book value) Loans
acceptances
Assets
Assets
LIAB
Deposits
Deposits)
Borrowings
acceptances
Liab.
Loans
Sec.
Capital
Surplus
Profits
Reserves
ACCOUNTS
Allied Bank International
176,299
401
5,916
166
140,498
13,856
2,305
4,611
344,052
281,320
155,982
6,592
13,923
3,820
860
27,000
9,525
1,012
37,537
American National Overseas Corp.
2,278
60
3
2,341
2,000
250
91
2,341
Bamerical International Financial Corp.
15
2,074
18,933
3.145
134
24,301
14,092
197
10,000
(331)
343
10,012
Bank of America
1,146,818
18
9,812
43,564
358,013
67,715
4,527
4,811
1,635,278
1,470,647
131,323
1,851
70,060
8,772
7,048
5
34,000
16,000
5,071
21,824
76,895
Bank of America International of Chicago
377
2,098
165
208
2,848
755
400
93
2,000
2,000
Bank of America International of Florida
1,318
8,604
250
122
223
10,517
8,104
7,166
250
163
2,000
2,000
Bank of Boston International
44,556
1,003
10
37,768
494
115
1,047
84,993
70,729
41,893
658
557
1,397
554
5,000
5,000
1,098
11,098
Bank of California International
39,152
543
5,358
1,083
73
25
46,234
40,393
65
1,600
1,304
389
2,000
500
48
2,548
Bank of New York International Corp.
27
1,492
250
490
31
2,290
71
2,000
219
2,219
Bankers International Corp.
1,645
14,205
283
746
16,879
383
97
5,000
10,525
774
100
16,399
Boston Overseas Financial Corp.
56
8,306
1,383
31
9,776
3,312
25
1,014
3,000
2,000
425
5,425
Central Cleveland International Bank
25,656
250
900
4,285
953
37
32,081
26,722
1,040
953
108
17
4,250
31
4,281
Chase Manhattan Int'l Investment Corp.
213
500
627
10,235
5,523
13
1,785
18,896
446
243
150
262
1,100
173
6,000
10,000
765
16,765
Chase Manhattan Int'l Banking Corp.
1,109
5,145
3,363
155
218
9,990
1,773
3,363
48
2,000
3,000
(194)
4,806
Chase Manhattan O'seas Banking Corp.
4,219
3,800
89,941
99
1,084
99,143
47,606
1,320
3,560
11,810
24,211
10,636
46,657
Chemical International Banking Corp.
15
2,964
2,736
18
5,733
242
71
4,000
1,000
420
5,420
Chemical International Finance, Ltd.
51
1,375
6,644
27,761
20
1,078
36,929
28,835
20
738
1,519
5,000
817
5,817
Citizens and Southern International Bank
788
130
7,624
2,869
64
456
11,931
6,243
3,159
2,869
333
92
2,000
200
194
2,394
Citizens Southern International Corp.
38
3,759
31
128
3,956
65
13
2,000
2,000
(122)
3,878
Continental Bank International
1,261,026
150
201
107,465
20,718
103
3,919
1,393,582
1,333,661
28,033
11,000
21,225
4,747
1,520
10,000
8,000
3,429
21,429
Continental International Finance Corp.
122
217
33,427
2,241
20,212
15
56,234
12,968
20,212
3,339
37
500
12,000
12,000
(4,822)
19,178
Crocker International Bank
109,167
21,869
8,810
275
900
141,021
105,211
1,235
8,810
15,477
123
2,000
8,000
1,400
11,400
Crocker International Corp.
1
175
1,199
1,889
33
3,297
894
77
38
2,000
288
2,288
Crocker Int'l Development Corp.
10
2,355
676
3
3,044
31
3,000
13
3,013
Detroit Bank and Trust International
7,071
24,331
1,278
32,680
18,555
18,555
986
192
12,000
947
12,947
The Fidelity International Corp.
6
201
3,969
1,207
2
58
5,443
2,106
21
24
2,500
625
167
3,292
Fidelity International Bank
21,636
2,454
13,261
7,536
104
959
45,950
23,974
38
5.702
7,663
1,423
304
3,000
4,051
(167)
6,884
First Atlanta International Corp.
254
1,016
1,270
1,270
1,270
First Chicago Int'l Banking Corp.
204,512
22,602
6,452
199
363
234,128
214,774
162
1,100
6,456
290
472
5,000
5,000
1,036
11,036
First Chicago Int'l Finance Corp.
15
100
1,980
750
129
2,974
136
2,000
763
75
2,838
First Dallas Int'l Banking Corp.
15
200
1,962
2
2,179
11
20
2,000
148
2,148
First National City Bank (Interamerica)
2,196
2,950
4
48
5,198
3,257
1,926
4
6
2,000
(69)
1,931
First National City Bank (Int'l LA)
384
2,812
2,256
49
31
5,532
1,135
4
248
2,256
34
2,000
(141)
1,859
First National City Bank (Int'l S.F.)
5,772
41,257
631
250
327
48,237
34,697
17,674
581
631
1,340
17
10,000
971
10,971
First National City O'seas Investment Corp.
1,559
48,831
1,699
45
52,134
340
25,000
25,000
1,794
51,794
First Pennsylvania O'seas Finance Corp.
65
606
4,135
49
4,855
400
25
3,750
250
203
227
4,430
Franklin International Corp.
11
5,663
1,095
50
6,819
64
5,500
1,100
155
6,755
Girard International Bank
243,124
709
3,090
1,127
170
45
248,265
243,357
200
1,127
46
3,000
535
3,535
Girard International Investment Corp.
46
1,027
1,656
16
2,745
107
2,000
500
138
2,638
Indiana National Overseas Corp.
199
1,101
700
2,000
2.000
International Bank of Commerce
4,165
9,304
300
230
414
International Bank of Detroit
14,413
5,950
505
3,238
4,429
300
3,785
107
131
13,775
4,665
2,500
500
2,524
458
38
316
25,570
3,496
Irving Interamerican Bank
578
109
38
18,000
4,500
2,923
Irving International Financing Corp.
578
25,423
106
124
30
271
5,180
500
48
9
548
Manufacturers-Detroit International Corp.
5,690
194
184
9
250
1,699
1,455
5,000
497
115
3,713
5,497
13
97
145
2,000
1,000
458
3,458
Manufacturers Hanover Int'l Banking Corp.
2,384
3,797
11
Manufacturers Hanover Int'l Finance Corp.
6,192
937
34
100
11,004
5,000
500
628
30
286
Marine Midland International Corp.
12,327
6,158
1,643
155
8,108
74
251
10,000
1
2,172
129
10,206
12,172
Mellon Bank International
417
706,867
251
268
12
26,765
35,002
5,000
1,750
3,317
946
57
662
Mercantile International Corp.
771,103
734,759
9,263
22,180
1,750
156
134
1,316
3,684
7,880
1,970
2,274
551
5,551
12,124
273
5,000
278
5,278
Morgan Guaranty Int'l Banking Corp.
24
1
17,028
Morgan Guaranty Int'l Finance Corp.
207
17,260
1,060
1,700
236
38
135
14,534
12,000
6,000
1,105
271
(3,916)
15,903
15,189
Nat'l Bank of Commerce of Seattle (Int'l)
33,289
177
86
1,050
2,422
11,000
3,726
718
125
54
(50)
National City Cleveland Int'l Corp.
36,694
32,855
150
14,676
718
85
1
6
773
2,000
1,000
30
1
775
3,030
New England Merchant Bank Int'l
2,398
3
467
700
72
15
772
2,880
26
2,000
500
354
2,854
North America International Corp.
5
105
1,550
The Northern Trust Int'l Banking Corp.
1,660
127,307
654
11,677
237
1,300
325
35
57
19
Northwest International Bank
139,951
137,022
1,660
93
237
1,150
35
331
1,112
4,226
2,000
500
101
56
7
84
7,003
131
61
2,657
Philadelphia International Bank
208,182
1,566
147
103
12,453
4,000
1,000
1,392
56
387
222,414
214,983
5,056
Philadelphia International Investment Corp.
263
1,405
606
157
1,231
9,791
4,143
4,000
1,000
263
60
433
15,921
5,263
11,443
71
100
420
3,500
387
3,887
Pittsburgh International Finance Corp.
24
1,736
250
400
26
2,436
Provident International Corp.
57
7
250
20
1,054
3,250
2,000
409
47
2,409
Republic International Corp.
4,658
1,378
720
150
28
538
67
3,250
250
410
17
Seattle-First International Corp.
2,150
3,910
13
200
2,012
2,000
150
40
2,265
2,150
Security Pacific International Bank
566,200
15
17
2,890
26,025
3,450
2,000
233
171
203
598,939
577,771
2,233
1,190
112
3,459
196
114
12.800
3.200
1.287
17.287
Security Pacific International Corp.
13
277
5,725
2
6,017
6,000
17
6,017
Shawmut International Corporation
4
2,285
536
49
2,874
34
2,000
500
340
2,840
Shorehaven Bank International
2
786
26
75
2
2
893
900
(7)
893
Society International Corp.
10
305
75
130
8
528
13
500
15
515
State Street Bank Boston (Int'l)
595
263
6,431
896
32
442
8,659
2,867
245
1,575
1,058
405
98
2,000
500
156
2,656
State Street Bank International
7
55
3,174
3,236
18
3,200
18
3,218
Union International Bank
206
561
1,350
47
2,164
84
2,000
80
2,080
United California Bank International
218,944
280
3,528
20,854
10,260
157
732
254,755
224,313
100
8,000
10,260
744
608
8,000
2,000
830
10,830
United States National Bank Int'l Corp.
2,032
952
113
52
3,149
451
13
2,000
500
185
2,685
United States Trust Co. Int'l Corp.
1,834
344
527
5
2,710
21
2,000
500
189
2,689
United Virginia Bank International
1,137
482
501
2,731
3,332
29
29
8,241
2,078
300
3,332
39
22
2,100
210
144
16
2,470
Virginia Commonwealth International
1,538
855
2
16
2,411
40
5
2,000
25
341
2,366
Wachovia International Investment Corp.
1,360
140
1,401
1,214
38
4,153
196
92
26
2,000
1,250
589
3,839
Wells Fargo Bank International Corp.
204,529
200
200
12,208
21,271
13,206
419
619
252,652
217,392
3,724
2,200
13,206
1,256
371
13,500
3,000
1,727
18,227
TOTALS Section 25(a) Corporations
5,390,167
11,164
2,857
46,333
449,293
1,038,342
194,141
10,207
945
7,174,449
6,035,874
417,606
195,284
197,659
52,559
16,121
7,049
416,710
187,045
47,342
18,806
669,903
Section 25 Corporations
Bankers Company of New York
1
240
241
498
(257)
241
First Foreign Investment Corp.
106
115
13
234
5
295
(66)
234
The Gallatin Compnay, Inc.
300
300
100
140
60
300
International Banking Corp.
37
545
1,000
1,582
24
1
1,557
1,558
Virgin Islands National Bank
11,495
12,199
27,797
159
110,833
1,953
2,612
167,048
124,889
94,032
30,000
3,571
1,004
400
4,100
2,843
241
7,584
TOTALS Section 25 Corporations
11,639
12,199
27,797
1,359
111,833
1,953
2,625
169,405
124,913
94,032
30,000
3,571
1,004
1,004
4,535
4,137
241
9,917
GRAND TOTALS Section 25 and
25(a) Corporations
5,401,806
23,363
2,857
74,130
450,652
1,150,175
194,141
12,160
34,570
7,343,854
6,160,787
511,638
225,284
197,659
56,130 17,125
7,049
417,714
191,580
51,479
19,047
679,820
FR 468
(Rev. 3-63)
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MEMO
Date 2/29/72
Time
To:
Chairman Burns
From:
Frederick R. Dahl
Tel. No.
Ext.
Please call
For your approval
Returned your call
For your information
Will call again
Note and return
Phone me re attached
For comments and suggestions
See me re attached
Preparation of reply
MESSAGE:
FORD & GERALD LIBRARY
MEMBER BANKS EDGE AND AGREEMENT CORPORATIONS
OVERSEAS BRANCHES AND FOREIGN SUBSIDIARIES*
IN OPERATION DECEMBER 31, 1971.
Allied Bank International, New York: E/ 1/
Branches: (2)
Bahamas:
Nassau
England:
London
American Fletcher National Bank and Trust Company, Indianapolis:
Branch:
Bahamas:
Nassau
American National Bank and Trust Company of Chicago, Chicago:
Branch:
England:
London
Subsidiary:
Chicago:
American National Overseas Corporation E/
American Security and Trust Company, Washington, D. C.:
Branch:
Bahamas:
Nassau
* Includes only foreign-chartered banking organizations.
E/ "Edge Corporation" operating under Section 25 (a) of the Federal Reserve Act.
A/ "Agreement Corporation" operating pursuant to Section 25 of the Federal
Reserve Act.
All other footnotes appear on last page.
GERALD FORD LIBRARY
-2-
Bank of America National Trust and Savings Association, San Francisco:
Branches: (96)
Argentina:
Buenos Aires (4)
Guatemala:
Guatemala City (3)
Austria:
Vienna
Hong Kong:
Hong Kong (4)
Barbados:
Bridgetown
Honduras:
Comayaguela
San Pedro Sula
Belgium:
Antwerp
Tegucigalpa
Brussels
India:
Bombay
Bolivia:
La Paz
Calcutta
Santa Cruz
Madras
Colombia:
Barranquilla
Indonesia:
Djakarta (2)
Bogota (2)
Cali
Ireland:
Dublin
Medellin
Japan:
Kobe
Dominican
Osaka
Republic:
Salcedo
Tokyo
Santiago
Yokohama
Santo Domingo
Korea:
Seoul
Ecuador:
Guayaquil
Quito (2)
Lebanon:
Beirut
England:
Birmingham
Malaysia:
Kuala Lumpur
London (2)
Manchester
Mariana
Islands:
Susupe, Saipan
France:
Lyon
Marseille
Marshall
Paris
Islands:
Majuro
Germany:
Duesseldorf
Netherlands: Amsterdam
Frankfurt
Rotterdam
Munich
Netherlands
Greece:
Athens
Antilles:
Willemstad, Curacao
Salonica
Nicaragua:
Managua (2)
Guam:
Agana
Tamuning
Okinawa:
Koza
Naha
GERALD FORD LIBRARY
-3-
Bank of America National Trust and Savings Association, San Francisco: (cont'd.)
Pakistan:
Karachi
Taiwan:
Taipei
Lahore
Thailand:
Bangkok
Panama:
Changuinola
Colon
Truk Islands:
Moen
David
Panama City (2)
Uruguay:
Montevideo
Paraguay:
Asuncion (2)
Vietnam:
Saigon
Peru:
Lima
U.S. Virgin
Islands:
Charlotte Amalie,
Philippines:
Manila
St. Thomas
Christiansted,
Scotland:
Edinburgh
St. Croix
Frederiksted,
Singapore:
Singapore (4)
St. Croix
Switzerland: Zurich
West Indies:
Basseterre, St. Kitts
Sandy Point, St. Kitts
The Valley, Anguilla
"
" (Fr.) : Fort-de-France
Martinique
Subsidiaries:
New York:
Bank of America
San Francisco: Bamerical International Financial Corporation E/
Chicago:
Bank of America International of Chicago
E/
Miami:
Bank of America International of Florida
Costa Rica:
Bank of America S.A., San Jose
Germany:
Bankhaus Centrale Credit A.G., Moenchengladbach
Italy:
Banca d'America e d'Italia, Milan
Luxembourg:
Bank of America S.A., Luxembourg
Morocco:
Bank of America (Maroc), Casablanca
Nigeria:
Bank of America (Nigeria) Ltd., Lagos
Spain:
Banco Comercial para America, Madrid
GERALD LIBRARY GERALD R FORD
-4-
The Bank of California National Association, San Francisco:
Branches: (2)
Bahamas:
Nassau
England:
London
Subsidiary:
New York:
Bank of California International E/
The Bank of New York, New York:
Branch:
England:
London
Subsidiary:
New York:
The Bank of New York International Corporation
E/
Bank of the Southwest National Association, Houston, Houston:
Branch:
Bahamas:
Nassau
Bank of Virginia International, Richmond E/ 8/
Bankers Trust Company, New York:
Branches: (4)
Bahamas:
Nassau
France:
Paris
England:
London (2)
Subsidiaries:
New York:
Bankers Company of New York A/
Bankers International Corporation E/
FORD & LIBRARY GERALD
England:
Bankers Trust International Ltd., London
Germany:
Bankhaus Carlo Z. Thomsen, Hamburg
Deutsche Unionbank, G.m.b.H., Frankfurt
Switzerland: Bankers Trust A.G., Zurich
-5-
Central National Bank of Cleveland, Cleveland:
Branch:
Bahamas:
Nassau
Subsidiary:
New York:
Central Cleveland International Bank E/
The Chase Manhattan Bank, National Association, New York:
Branches: (80)
Bahamas:
Georgetown, Great Exuma
Indonesia:
Djakarta (2)
Marsh Harbour, Great Abaco
Nassau (3)
Italy:
Bari
Rock Sound, Eleuthera
Milan
Rome
Bahrain:
Manama
Japan:
Osaka
Canal Zone:
Balboa
Tokyo
Dominican
Korea:
Seoul
Republic:
Santiago de los Caballeros
Santo Domingo (4)
Lebanon:
Beirut
England:
London (3)
Liberia:
Harbel
Monrovia
France:
Lyon
Paris
Malaysia:
Kuala Lumpur
Germany:
Duesseldorf
Netherlands
Frankfurt
Antilles:
Philipsburg,
Hamburg
St. Maarten
Munich
Stuttgart
Panama
Chitre
Colon
Greece:
Athens (2)
David
Piraeus
Panama City (4)
Salonica
Puerto Rico: Bayamon
Guyana:
Georgetown
Carolina
San Juan (5)
Hong Kong:
Hong Kong (3)
FORD is GERALD LIBRARY
-6-
The Chase Manhattan Bank, National Association, New York: (cont'd.)
Singapore:
Singapore (3)
British Virgin
Islands:
Road Town, Tortola
Thailand:
Bangkok
West Indies: Bridgetown, Barbados
Trinidad:
Port-of-Spain (2)
St. George's, Grenada (2)
San Fernando
Castries, St. Lucia
Vietnam:
Saigon
U.S. Virgin
Islands:
Charlotte Amalie,
St. Thomas (3)
Estate Thomas,
St. Thomas
Christiansted,
St. Croix (3)
Frederiksted, St. Croix
Cruz Bay Quarter, St. John
Subsidiaries:
New York:
Chase International Investment Corporation
E/
Chase Manhattan Overseas Banking Corporation
E/
Los Angeles:
Chase Manhattan International Banking Corporation E/
Argentina:
Banco Argentino de Comercio, Buenos Aires
Austria:
Oesterreichische Kommerzialbank, A.G., Vienna
Bahamas:
The Chase Manhattan Trust Corporation, Ltd., Nassau
Belgium:
Banque de Commerce S.A., Brussels
Brazil:
Banco Lar Brasileiro, S.A., Rio de Janeiro
Colombia:
Banco del Comercio S.A., Bogota
Honduras:
Banco Atlantida, Tegucigalpa
Ireland:
Chase and Bank of Ireland (International) Ltd., Dublin
Switzerland:
Chase Manhattan Bank (Switzerland), Geneva
Venezuela:
Banco Mercantil y Agricola, Caracas
FORDO & LIBRARY
-7-
Chemical Bank, New York:
Branches: (7)
Bahamas:
Nassau
France:
Paris
Belgium:
Brussels
Germany:
Frankfurt
England:
London (2)
Switzerland: Zurich
Subsidiaries:
New York:
Chemical International Banking Corporation E/
Chemical International Finance, Ltd. E/
The Citizens and Southern National Bank, Savannah:
Branch:
Bahamas:
Nassau
Subsidiaries:
Atlanta:
Citizens and Southern International Corporation
E/
Miami:
Citizens and Southern International Bank E/
New Orleans:
Citizens and Southern International Bank of New Orleans E/
Jamaica:
The Jamaica Citizens Bank, Kingston
The Jamaica Citizens Trust Co. Ltd., Kingston
City National Bank of Detroit, Detroit:
Branch:
England:
London
The Cleveland Trust Company, Cleveland:
Branch:
Bahamas:
Nassau
FORD is 0ERALD LIBRARY
-8-
The Connecticut Bank and Trust Company, Hartford:
Branch:
Bahamas:
Nassau
Continental Illinois National Bank and Trust Company of Chicago, Chicago:
Branches: (10)
England:
London (2)
Greece:
Athens
France:
Paris
Japan:
Osaka
Tokyo
Germany:
Frankfurt
Munich
Netherlands: Amsterdam
Rotterdam
Subsidiaries:
Chicago:
Continental International Finance E/ Corporation E/
New York:
Continental Bank International
Austria:
Conill Bank A.G., Vienna
Belgium:
Continental Bank, S.A., Brussels
Lebanon:
Continental Development Bank S.A.L., Beirut
Crocker National Bank, San Francisco:
Branch:
England:
London
Subsidiaries:
New York:
Crocker International Bank E/
San Francisco: Crocker International Corporation E/
Crocker International Development Corporation E/
GERALD R. FORD LIBRARY
-9-
The Detroit Bank & Trust Company, Detroit:
Branch:
England:
London
Subsidiary:
Detroit:
Detroit Bank & Trust International E/
Branch:
Bahamas: Nassau
Exchange National Bank of Chicago, Chicago:
Branch:
Israel:
Tel Aviv
The Fidelity Bank, Rosemont, Pennsylvania:
Branch:
Bahamas:
Nassau
Subsidiaries:
New York:
Fidelity International Bank E/
Bahamas:
American International Bank (Bahamas) Limited, Nassau
The Fidelity International Corporation (Bahamas) Limited, Nassau
France:
Banque Europeenne de Financement, Paris
First City National Bank of Houston, Houston:
Branch:
Bahamas:
Nassau
First Foreign Investment Corporation, Miami A/ 7/
FORD & GERALD LIBRARY
-10-
First & Merchants National Bank, Richmond:
Branch:
Bahamas:
Nassau
The First National Bank and Trust Company of Tulsa, Tulsa:
Branch:
Bahamas:
Nassau
First National Bank in Dallas, Dallas:
Branches: (2)
Bahamas:
Nassau
England:
London
Subsidiary:
Dallas:
First Dallas International Banking Corporation
E/
First National Bank in St. Louis, St. Louis:
Branch:
Bahamas:
Nassau
First National Bank of Atlanta, Atlanta:
Subsidiaries:
E/
Atlanta:
First Atlanta International Corporation
England:
London Interstate Bank Limited, London
2/
FORD i LIBRARY GERALD
-11-
The First National Bank of Boston, Boston:
Branches: (23)
Argentina:
Avellaneda
Brazil:
Campinas
Buenos Aires (7)
Porto Alegre
Flores
Rio de Janeiro (2)
Rosario (3)
Sao Paulo (4)
Bahamas:
Nassau
England:
London (2)
Subsidiaries:
Boston:
Boston Overseas Financial Corporation E/
New York:
Bank of Boston International E/
Branch:
Luxembourg
Bahamas:
Bank of Boston Trust Company (Bahamas) Limited, Nassau
The First National Bank of Chicago, Chicago:
Branches: (13)
Belgium:
Brussels
Ireland:
Dublin
England:
London
Italy:
Milan
France:
Paris
Jamaica:
Kingston
Germany:
Duesseldorf
Panama:
Panama City (2)
Frankfurt
Singapore:
Singapore
Greece:
Athens
Switzerland:
Geneva
Subsidiaries:
Chicago:
First Chicago International Finance Corporation
E/E/
New York:
First Chicago International Banking Corporation
England:
First Chicago Ltd., London
Jamaica:
The First National Bank of Chicago (Jamaica) Ltd., Kingston
Lebanon:
First National Bank of Chicago (Lebanon) S.A.L., Beirut
FORD & LIBRARY GERALD
-12-
First National Bank of Commerce, New Orleans:
Branch:
Bahamas:
Nassau
First National Bank of Fort Worth, Fort Worth:
Branch:
Bahamas:
Nassau
First National Bank of Memphis, Memphis:
Branch:
Bahamas:
Nassau
The First National Bank of Miami, Miami:
Branch:
Bahamas:
Nassau
First National Bank of Minneapolis, Minneapolis:
Branch:
Bahamas:
Nassau
The First National Bank of Saint Paul, St. Paul:
Branch:
Bahamas:
Nassau
FORD is w GERALD
-13-
First National City Bank, New York:
Branches: (237)
Abu Dhabi:
Abu Dhabi
Chile:
Concepcion
Santiago (6)
Argentina:
Bahia Blanca
Valparaiso (2)
Buenos Aires (12)
Cordoba (3)
Colombia:
Barranquilla (2)
Lomas de Zamora
Bogota (10)
Mendoza
Bucaramanga
Rosario (4)
Cali (3)
Cartagena (2)
Bahamas:
Freeport, Grand Bahama
Medellin (4)
Nassau
Pereira
Bahrain:
Manama (2)
Dominican
Republic:
Santiago de los
Barbados:
Bridgetown
Caballeros (2)
Seawell International
Santo Domingo (4)
Airport
Dubai:
Dubai (3)
Belgium:
Brussels
Ecuador:
Ambato
Bolivia:
Cochabamba
Cuenca
La Paz
Guayaquil (4)
Santa Cruz de la Sierra
Quito (6)
Brazil:
Belo Horizonte
El Salvador:
San Salvador
Brasilia
Campinas
England:
London (2)
Curitiba
Porto Alegre
Fiji Islands: Suva
Recife
Rio de Janeiro
France:
Nice
Salvador
Paris (2)
Santos
Sao Paulo (2)
Germany:
Duesseldorf
Frankfurt
Canal Zone:
Balboa
Hamburg
Munich
Cayman
Stuttgart
Islands:
Georgetown, Grand Cayman
West Berlin
Greece:
Athens (2)
Piraeus (2)
Thessaloniki
FORD & LIBRARY 074470
-14-
First National City Bank, New York: (cont'd.)
Guam:
Agana (2)
Pakistan:
Karachi
Lahore
Haiti:
Port-au-Prince
Panama:
Aguadulce
Hong Kong:
Hong Kong (8)
Changuinola
Colon
India:
Bombay (3)
David
Calcutta (2)
La Chorrera
Delhi
La Concepcion
Madras (2)
Las Tablas
Panama City (6)
Indonesia:
Djakarta (2)
Puerto Armuelles
Santiago
Ireland:
Dublin
Paraguay:
Asuncion (4)
Italy:
Milan
Rome
Peru:
Callao
Lima (6)
Jamaica:
Kingston (3)
Mandeville
Philippines:
Cebu
May Pen
Manila (2)
Montego Bay
Puerto Rico:
Arecibo
Japan:
Nagoya
Bayamon
Osaka
Caguas
Tokyo
Hato Rey
Yokohama
Mayaguez (2)
Ponce
Korea:
Seoul
San Juan (5)
Lebanon:
Beirut
Qatar:
Doha
Malaysia:
Georgetown
Saudi Arabia:
Jeddah
Kuala Lumpur (2)
Riyadh
Mexico:
Mexico City (5)
Sharjah:
Sharjah
Netherlands:
Amsterdam
Singapore:
Singapore (3)
The Hague
Rotterdam
Switzerland:
Geneva
Lausanne
Netherlands
Lugano
Antilles:
Orangestad, Aruba
Zurich
Nicaragua:
Managua
Taiwan:
Taipei
Northern
Ireland:
Belfast
FORD & LIBRARY GERALD
Trinidad:
Port-of-Spain (2)
San Fernando
-15-
First National City Bank, New York: (cont'd.)
Uruguay:
Montevideo (3)
Venezuela:
Caracas (2)
Maracaibo
Valencia
U.S. Virgin
Islands:
Charlotte Amalie, St. Thomas (2)
Christiansted, St. Croix
Frederiksted, St. Croix
Sunny Isle, St. Croix
Subsidiaries:
New York:
First National City Overseas Investment Corporation E/
Branch:
Bahamas: Nassau
International Banking Corporation
/
Los Angeles:
First National City Bank (International-Los Angeles) E/
Miami:
First National City Bank (Interamerica) E/
San Francisco: First National City Bank (International-San Francisco) E/
Argentina:
Banco Argentino del Atlantico S.A., Mar del Plata
Banco de Bahia Blanca, Bahia Blanca
Bahamas:
First National City Trust Company (Bahamas) Ltd., Nassau
Belgium:
FNCB (Belgium) S.A., Brussels
Canada:
International Trust Company, Montreal
The Mercantile Bank of Canada, Montreal
Honduras:
Banco de Honduras, S.A., Tegucigalpa
Hong Kong:
Far East Bank Ltd., Hong Kong
Liberia:
Bank of Monrovia, Monrovia
Luxembourg:
First National City Bank (Luxembourg), S.A.
Morocco:
First National City Bank (Maghreb), Casablanca
South Africa: First National City Bank (South Africa) Limited, Johannesburg
United
Kingdom:
First National City Bank (Channel Islands) Limited,
St. Helier, Jersey
Zaire:
First National City Bank (Zaire) S.A.R.L., Kinshasa
FORD is GERALD LIBRARY
-16-
First Pennsylvania Banking and Trust Company, Bala-Cynwyd, Pennsylvania:
Branches: (3)
England:
London
U.S. Virgin
Islands:
Charlotte Amalie,
St. Thomas
Christiansted,
St. Croix
Subsidiaries:
Philadelphia: First Pennsylvania Overseas Finance Corporation E/
U.S. Virgin
Islands:
Virgin Islands National Bank, Charlotte Amalie, St. Thomas A/
(8 branches in the U.S. Virgin Islands)
Branches: (4)
West Indies:
St. John's, Antigua (2)
British Virgin
Islands:
Road Town, Tortola
Virgin Gorda
First Union National Bank of North Carolina, Charlotte:
Branch:
Bahamas:
Nassau
First Wisconsin National Bank of Milwaukee, Milwaukee:
Branch:
England:
London
Franklin National Bank, Brooklyn, New York:
Branch:
Bahamas:
Nassau
BERALD R. FORD TIBRARY
Subsidiary:
New York:
Franklin International Corporation
E/
-17-
Girard Trust Bank, Bala-Cynwyd, Pennsylvania:
Branch:
England:
London
Subsidiaries:
New York:
Girard International Bank E/
Philadelphia: Girard International Investment Corporation E/
Harris Trust and Savings Bank, Chicago:
Branch:
England:
London
Subsidiary:
New York:
Harris Bank International Corporation
E/
Hartford National Bank and Trust Company, Hartford:
Branch:
Bahamas:
Nassau
Houston National Bank, Houston:
Branch:
Bahamas:
Nassau
The Huntington National Bank, Columbus:
Branch:
Bahamas:
Nassau
FORD & GERALD LIBRARY
-18-
The Indiana National Bank of Indianapolis, Indianapolis:
Branch:
Bahamas:
Nassau
Subsidiaries:
Indianapolis: Indiana National Overseas Corp. E/
England:
London Interstate Bank Limited, London 2/
Industrial National Bank, Providence:
Branch:
Bahamas:
Nassau
Irving Trust Company, New York:
Branch:
England:
London
Subsidiary:
New York:
Irving International Financing Corporation E/
Miami:
Irving Interamerican Bank E/
LaSalle National Bank, Chicago:
Branch:
Bahamas:
Nassau
The Liberty National Bank and Trust Company, Oklahoma City:
Branch:
Bahamas:
Nassau
FORD is GERALD LIBRARY
-19-
Manufacturers Hanover Trust Company, New York:
Branches: (4)
England:
London (2)
Japan:
Tokyo
Germany:
Frankfurt
Subsidiaries:
New York:
The Gallatin Company, Inc. A/
Manufacturers Hanover International Banking Corporation
Manufacturers Hanover International Finance Corporation
Belgium:
Banque d'Escompte et de Travaux, Brussels
England:
Manufacturers Hanover Ltd., London
Manufacturers National Bank of Detroit, Detroit:
Branch:
Bahamas:
Nassau
Subsidiary:
Detroit:
Manufacturers-Detroit International Corporation E/
Marine Midland Bank-New York, New York:
Branches: (3)
Bahamas:
Nassau
France:
Paris
England:
London
Marine Midland International Corporation, New York E/ 3/
Marine Midland Bank-Western, Buffalo:
Branch:
FORD is GERALD 1.10
Bahamas:
Nassau
-20-
Marine National Exchange Bank, Milwaukee:
Branch:
Bahamas:
Nassau
Marshall & Ilsley Bank, Milwaukee:
Branch:
Bahamas:
Nassau
Maryland National Bank, Baltimore:
Branch:
Bahamas:
Nassau
Subsidiary:
England:
London Interstate Bank Limited, London 2/
Mellon National Bank and Trust Company, Pittsburgh:
Branch:
England:
London
Subsidiary:
New York:
Mellon Bank International E/
Mercantile Trust Company National Association, St. Louis:
Branch:
Bahamas:
Nassau
Subsidiaries:
LIBRARY GERALD ? FORD
St. Louis:
Mercantile International Corporation E/
England:
London Interstate Bank Limited, London 2/
-21-
Morgan Guaranty Trust Company of New York, New York:
Branches: (11)
Bahamas:
Nassau
Germany:
Duesseldorf
Frankfurt
Belgium:
Antwerp
Brussels
Japan:
Tokyo
England:
London (2)
Switzerland: Zurich
France:
Neuilly sur Seine
Paris
Subsidiaries:
New York:
Morgan Guaranty International Banking Corporation
Morgan Guaranty International Finance Corporation
France:
Morgan & Cie. S.A., Paris
Italy:
Banca Morgan Vonwiller, S.p.A., Milan
The National Bank of Commerce of Seattle, Seattle:
Branch:
England:
London
Subsidiaries:
New York
National Bank of Commerce of Seattle (International) E/
Seattle:
International Bank of Commerce E/
Branches: (5) Hong Kong (5)
National Bank of Detroit, Detroit:
Branch:
England:
London
FORD is GERALD LIBRARY
Subsidiaries:
Detroit:
International Bank of Detroit
E/
Branch:
Bahamas: Nassau
England:
Western American Bank (Europe) Limited, London 4/
-22-
National Bank of North America, New York:
Branch:
Bahamas:
Nassau
Subsidiary:
New York:
North America International Corporation E/
The National City Bank of Cleveland, Cleveland:
Branch:
Bahamas:
Nassau
The National Shawmut Bank of Boston, Boston:
Branch:
Bahamas:
Nassau
Subsidiary:
Boston:
Shawmut International Corporation
E/
New England Merchants National Bank, Boston:
Branch:
Bahamas:
Nassau
Subsidiary:
Boston:
New England Merchants Bank International E/
New Jersey Bank National Association, Clifton:
Branch:
Bahamas:
Nassau
FORD & GERALD LIBRARY
-23-
North Carolina National Bank, Charlotte:
Branch:
Bahamas:
Nassau
The Northern Trust Company, Chicago:
Branch:
England:
London
Subsidiary:
New York:
The Northern Trust International Banking Corporation E/
Northwest International Bank, Minneapolis E/ 5/
Northwestern National Bank of Minneapolis, Minneapolis:
Branch:
Bahamas:
Nassau
01d Kent Bank and Trust Company, Grand Rapids:
Branch:
Bahamas:
Nassau
The Philadelphia National Bank, Philadelphia:
GERALD R. FORD LIBRARY
Branch:
Bahamas:
Nassau
Subsidiaries:
E/
New York:
Philadelphia International Bank
Philadelphia: Philadelphia International Investment Corporation E/
Branch: England: London
-24-
Pittsburgh National Bank, Pittsburgh:
Branch:
Bahamas:
Nassau
Subsidiary:
Pittsburgh:
Pittsburgh International Finance Corporation
E/
Provident National Bank, Bryn-Mawr, Pennsylvania:
Branch:
Bahamas:
Nassau
Subsidiary:
Philadelphia: Provident International Corporation E/
Republic National Bank of Dallas, Dallas:
Branches: (2)
Bahamas:
Nassau
England:
London
Subsidiary:
Dallas:
Republic International Company E/
Republic National Bank of New York, New York:
Branch:
England:
London
Subsidiary:
Bahamas:
Republic National Bank of New York (International) Ltd.,
Nassau
GERALD R. FORD LIBRABA
-25-
Seattle-First National Bank, Seattle:
Branch:
Bahamas:
Nassau
Subsidiaries:
Seattle:
Seattle-First International Corporation E/
Switzerland: Seattle-First National Bank (Switzerland), Zurich
Security Pacific National Bank, Los Angeles:
Branch:
England:
London
Germany:
Frankfurt
Subsidiaries:
New York:
Security Pacific International Bank E/
Los Angeles:
Security Pacific Overseas Corp.
England:
Western American Bank (Europe) Limited, London 4/
Shorehaven Bank International, Boston E/ 9/
Society National Bank of Cleveland, Cleveland:
Subsidiary:
Cleveland:
Society International Corporation
E/
State Street Bank and Trust Company, Boston:
Branch:
Bahamas:
Nassau
GERALD R. FORD
Subsidiaries:
New York:
State Street Bank International E/
State Street Bank Boston International
E/
Germany:
State Street Bank, G.m.b.H., Munich
-26-
Sterling National Bank & Trust Company, New York:
Branch:
Bahamas:
Nassau
Texas Commerce Bank National Association, Houston:
Branch:
Bahamas:
Nassau
Trust Company of Georgia, Atlanta:
Branch:
Bahamas:
Nassau
Union Bank, Los Angeles:
Branch:
Bahamas:
Nassau
Subsidiary:
Los Angeles: Union International Bank E/
The Union Commerce Bank, Cleveland:
Branch:
Bahamas:
Nassau
United Bank of Denver, National Association, Denver:
Branch:
Bahamas:
Nassau
FORD is LIBRARY GERALD
-27-
United California Bank, Los Angeles:
Branch:
England:
London
Subsidiaries:
New York:
United California Bank International E/
Belgium:
United California Bank N.V. S.A. , Brussels
United States National Bank of Oregon, Portland:
Branch:
Bahamas:
Nassau
Subsidiary:
Portland:
United States National Bank International Corp. E/
United States Trust Company, New York:
Subsidiary:
E/
New York:
United States Trust Company International Corporation
United Virginia Bank International, Norfolk E/ 6/
Valley National Bank of Arizona, Phoenix:
Branch:
Bahamas:
Nassau
Virginia National Bank, Norfolk:
Branch:
GERALD FORD
Bahamas:
Nassau
-28-
Wachovia Bank and Trust Company, National Association, Winston-Salem:
Branch:
Bahamas:
Nassau
Subsidiaries:
Winston-Salem: Wachovia International Investment Corporation
E/
Cayman
Islands:
Wacayman Banking Corp., Ltd., Georgetown, Grand Cayman
Wacayman Bank and Trust Company Ltd., Georgetown, Grand Cayman
Wells Fargo Bank, National Association, San Francisco:
Branches: (2)
Japan:
Tokyo
Luxembourg:
Luxembourg
Subsidiaries:
New York:
Wells Fargo Bank International E
Miami:
Wells Fargo Interamerican Bank
England:
Western American Bank (Europe) Limited, London 4/
Western Pennsylvania National Bank, Pittsburgh:
Branch:
Bahamas:
Nassau
FORD is LIBRARY
-29-
1/ Affiliate of American Fletcher National Bank and Trust Company,
Indianapolis; American Security and Trust Company, Washington, D. C.;
Bank of the Southwest National Association, Houston; Fidelity Union
Trust Company, Newark; First Hawaiian Bank, Honolulu; First National
Bank in St. Louis; First National Bank of Fort Worth; First National
Bank of Memphis; The First National Bank of Saint Paul; Hartford
National Bank and Trust Company; The Liberty National Bank and Trust
Company, Oklahoma City; Michigan National Bank, Lansing; Trust Company
of Georgia, Atlanta; United Bank of Denver National Association;
United States National Bank of Oregon, Portland; Valley National
Bank, Phoenix; Virginia National Bank, Norfolk; Western Pennsylvania
National Bank, Pittsburgh.
2/ London Interstate Bank Limited is an affiliate of First National
Bank of Atlanta; The Indiana National Bank of Indianapolis; Maryland
National Bank, Baltimore; and Mercantile Trust Company National
Association, St. Louis.
3/ Subsidiary of Marine Midland Banks, Inc., Buffalo, a bank holding company.
4/ Western American Bank (Europe) Limited is an affiliate of National
Bank of Detroit; Security Pacific National Bank, Los Angeles; and
Wells Fargo Bank, National Association, San Francisco.
5/ Subsidiary of Northwest Bancorporation, Minneapolis, a bank holding company.
6/ Subsidiary of United Virginia Bankshares Incorporated, Richmond, a
bank holding company.
7/ A subsidiary of Southeast Bancorporation, Miami, a bank holding company.
8/ A subsidiary of Virginia Commonwealth Bankshares, Inc., Richmond, a
bank holding company.
9/ Subsidiary of South Shore National Bank, Quincy, Massachusetts, and
The First New Haven National Bank, New Haven, Connecticut.
BERALD FORD LIBRARY
12-31-71
SECTION 25 AND SECTION 25(a) CORPORATIONS
Corporations organized and operating under Section 25(a)
of the Federal Reserve Act
Allied Bank International,
Central Cleveland International Bank,
New York
New York
American National Overseas Corporation,
Chase International Investment Corporation,
Chicago
New York
Bamerical International Financial
Chase Manhattan International Banking
Corporation, San Francisco
Corporation, Los Angeles
Bank of America,
Chase Manhattan Overseas Banking
New York,
Corporation, New York
Bank of America International of Chicago,
Chemical International Banking
Chicago
Corporation, New York
Bank of America International of Florida,
Chemical International Finance, Ltd.,
Miami
New York
Bank of Boston International,
Citizens and Southern International
New York
Bank, Miami
Bank of California International,
Citizens and Southern International
New York
Bank of New Orleans, New Orleans
The Bank of New York International
Citizens and Southern International
Corporation, New York
Corporation, Atlanta
Bank of Virginia International,
Continental Bank International,
Richmond
New York
Bankers International Corporation,
Continental International Finance
New York
Corporation, Chicago
Boston Overseas Financial Corporation,
Boston
QERALD FORD
-2-
Crocker International Bank,
First National City Overseas Investment
New York
Corporation, New York
Crocker International Corporation,
First Pennsylvania Overseas Finance
San Francisco
Corporation, Philadelphia
Crocker International Development
Franklin International Corporation,
Corporation, San Francisco
New York
Detroit Bank & Trust International,
Girard International Bank,
Detroit
New York
Fidelity International Bank,
Girard International Investment
New York
Corporation, Philadelphia
First Atlanta International
Harris Bank International Corporation,
Corporation, Atlanta
New York
First Chicago International Banking
Indiana National Overseas Corp.,
Corporation, New York
Indianapolis
First Chicago International Finance
International Bank of Commerce,
Corporation, Chicago
Seattle
First Dallas International Banking
International Bank of Detroit,
Corporation, Dallas
Detroit
First National City Bank (Interamerica),
Irving Interamerican Bank,
Miami
Miami
First National City Bank (International-
Irving International Financing
San Francisco), San Francisco
Corporation, New York
First National City Bank (International-
Manufacturers-Detroit International
Los Angeles), Los Angeles
Corporation, Detroit
BERALD R.FORD LIBRARY
-3-
Manufacturers Hanover International
Philadelphia International Bank,
Banking Corporation, New York
New York
Manufacturers Hanover International
Philadelphia International Investment
Finance Corporation, New York
Corporation, Philadelphia
Marine Midland International
Pittsburgh International Finance
Corporation, New York
Corporation, Pittsburgh
Mellon Bank International,
Provident International Corporation,
New York
Philadelphia
Mercantile International Corporation,
Republic International Company,
St. Louis
Dallas
Morgan Guaranty International Banking
Seattle-First International
Corporation, New York
Corporation, Seattle
Morgan Guaranty International Finance
Security Pacific International Bank,
Corporation, New York
New York
National Bank of Commerce of Seattle
Security Pacific Overseas Corp.,
(International), New York
Los Angeles
New England Merchants Bank
Shawmut International Corporation,
International, Boston
Boston
North America International
Shorehaven Bank International,
Corporation, New York
Boston
The Northern Trust International
Society International Corporation,
Banking Corporation, New York
Cleveland
Northwest International Bank,
State Street Bank Boston International,
Minneapolis
New York
FORD & LIBRARY GERALD
- -4-
State Street Bank International,
United Virginia Bank International,
New York
Norfolk
Union International Bank,
Wachovia International Investment
Los Angeles
Corporation, Winston-Salem
United California Bank International,
Wells Fargo Bank International,
New York
New York
United States National Bank International
Wells Fargo Interamerican Bank,
Corp., Portland, Oregon
Miami
United States Trust Company International
Corporation, New York
Corporations operating under Agreement
pursuant to Section 25 of the Federal Reserve Act
Bankers Company of New York, New York
First Foreign Investment Corporation, Miami
The Gallatin Company, Inc., New York
International Banking Corporation, New York
Virgin Islands National Bank, Charlotte Amalie, St. Thomas
is LIBRARY 938470
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Office Correspondence
Date
July 20, 1972
From To Frederick General Files R. Dahl
Subject: Changes in Overseas Branches of
United States Banks and Foreign
Banking Corporations during
quarter ended June 30, 1972.
Overseas Branches Opened
Bank of America National Trust and
Savings Association, San Francisco
Strasbourg, France
4- 4-72
Piraeus, Greece
6-28-72
Panama City, Panama
5-26-72
Central National Bank in Chicago, Chicago
Nassau, Bahamas
4-24-72
The Chase Manhattan Bank, National Asso-
ciation, New York
Santo Domingo,
Dominican Republic
5- 8-72
FORD
Hong Kong
6-28-72
Aguadulce, Panama
4- 3-72
GERALD
Las Tablas, Panama
4- 3-72
Santiago, Panama
4- 5-72
Point-a-Pitre,
Guadeloupe, W. I.
4- 8-72
Chemical Bank, New York
Tokyo, Japan
4-11-72
Commerce Union Bank, Nashville
Nassau, Bahamas
4-10-72
Exchange National Bank of Chicago, Chicago
Nassau, Bahamas
5-15-72
First National City Bank, New York
Nassau, Bahamas
3-21-72*
Bandar Seri Begawan,
Brunei
5-11-72
Franklin National Bank, New York
London, England
6- 1-72
The Fort Worth National Bank, Fort Worth
Nassau, Bahamas
4- 3-72
National Bank of Commerce, Memphis
Nassau, Bahamas
6- 1-72
National Newark & Essex Bank, Newark
Nassau, Bahamas
5- 1-72
North Carolina National Bank, Charlotte
London, England
4- 4-72
The Riggs National Bank of Washington, D. C.
Nassau, Bahamas
5-10-72
Security Pacific National Bank, Los Angeles
Tokyo, Japan
4- 7-72
Frankfurt, Germany
1- 5-72*
Society National Bank of Cleveland, Cleveland
Nassau, Bahamas
4-28-72
* not previously listed
Overseas Branches Closed
-2-
First National City Bank, New York
Antwerp, Belgium
11-15-71*
Brussels, Belgium (2)
11-15-71*
Liege, Belgium
11-15-71*
Amsterdam, Netherlands
11-19-71*
Panama City, Panama
12-20-71*
As of June 30, 1972, overseas branches of member banks and foreign
banking corporations totaled 620 as follows:
State Member Banks
American Security and Trust Company, Washington, D. C.
1
The Bank of New York, New York
1
Bankers Trust Company, New York
4
Chemical Bank, New York
9
The Cleveland Trust Company, Cleveland
1
Commerce Union Bank, Nashville
1
The Connecticut Bank and Trust Company, Hartford
1
The Detroit Bank & Trust Company, Detroit
1
The Fidelity Bank, Rosemont, Pennsylvania
1
Fidelity Union Trust Company, Newark
1
First Pennsylvania Banking and Trust Company, Bala-Cynwyd
3
Girard Trust Bank, Bala-Cynwyd, Pennsylvania
1
Harris Trust and Savings Bank, Chicago
1
Irving Trust Company, New York
1
Manufacturers Hanover Trust Company, New York
4
Marine Midland Bank-New York, New York
3
Marine Midland Bank-Western, Buffalo
1
M&I Marshall & Ilsley Bank, Milwaukee
1
Morgan Guaranty Trust Company of New York, New York
12
The Northern Trust Company, Chicago
1
01d Kent Bank and Trust Company, Grand Rapids
1
State Street Bank and Trust Company, Boston
1
Trust Company of Georgia, Atlanta
1
Union Bank, Los Angeles
1
The Union Commerce Bank, Cleveland
1
United California Bank, Los Angeles
1
United Virginia Bank, Richmond
1
56
National Banks
American Fletcher National Bank and Trust Company, Indianapolis
1
American National Bank and Trust Company of Chicago, Chicago
1
Bank of America National Trust and Savings Association,
San Francisco
100
* not previously listed
FORD & GERALD LIBRARY
-3-
The Bank of California National Association, San Francisco
2
Bank of the Southwest National Association, Houston
1
Central National Bank in Chicago, Chicago
1
Central National Bank of Cleveland, Cleveland
1
The Chase Manhattan Bank National Association, New York
90
The Citizens and Southern National Bank, Savannah
1
City National Bank of Detroit, Detroit
1
Continental Illinois National Bank and Trust Company
of Chicago, Chicago
10
Crocker National Bank, San Francisco
1
Exchange National Bank of Chicago, Chicago
2
First & Merchants National Bank, Richmond
1
First City National Bank of Houston, Houston
1
The First National Bank and Trust Company of Tulsa, Tulsa
1
First National Bank in Dallas, Dallas
2
First National Bank in St. Louis, St. Louis
1
First National Bank of Atlanta, Atlanta
1
The First National Bank of Boston, Boston
23
The First National Bank of Chicago, Chicago
13
First National Bank of Commerce, New Orleans
1
First National Bank of Fort Worth, Forth Worth
1
First National Bank of Memphis, Memphis
1
The First National Bank of Miami, Miami
1
First National Bank of Minneapolis, Minneapolis
1
The First National Bank of Saint Paul, St. Paul
1
First National City Bank, New York
228
First Union National Bank of North Carolina, Charlotte
1
First Wisconsin National Bank of Milwaukee, Milwaukee
1
The Fort Worth National Bank, Fort Worth
1
Franklin National Bank, Brooklyn, New York
2
Hartford National Bank and Trust Company, Hartford
1
Houston National Bank, Houston
1
The Huntington National Bank of Columbus, Columbus
1
The Indiana National Bank of Indianapolis, Indianapolis
1
Industrial National Bank, Providence
1
LaSalle National Bank, Chicago
1
The Liberty National Bank and Trust Company, Oklahoma City
1
Manufacturers National Bank of Detroit, Detroit
1
Marine National Exchange Bank, Milwaukee
1
Maryland National Bank, Baltimore
1
Mellon National Bank and Trust Company, Pittsburgh
1
Mercantile Trust Company National Association, St. Louis
1
Merchants National Bank and Trust Company of Indianapolis,
Indianapolis
1
National Bank of Commerce, Memphis
1
The National Bank of Commerce of Seattle, Seattle
1
National Bank of Detroit, Detroit
1
National Bank of North America, New York
1
R.
FORD
GERALD
LIBRARY
-4-
The National City Bank of Cleveland, Cleveland
1
National Newark & Essex Bank, Newark
1
The National Shawmut Bank of Boston, Boston
1
New England Merchants National Bank, Boston
1
New Jersey Bank National Association, Clifton
1
North Carolina National Bank, Charlotte
2
The Omaha National Bank, Omaha
1
Northwestern National Bank of Minneapolis, Minneapolis
1
The Philadelphia National Bank, Philadelphia
1
Pittsburgh National Bank, Pittsburgh
1
Provident National Bank, Bryn-Mawr, Pennsylvania
1
Republic National Bank of Dallas, Dallas
2
Republic National Bank of New York, New York
1
The Riggs National Bank of Washington, D. C.
1
Seattle-First National Bank, Seattle
1
Security Pacific National Bank, Los Angeles
3
Society National Bank of Cleveland, Cleveland
1
Sterling National Bank & Trust Company, New York
1
Texas Commerce Bank National Association, Houston
1
United Bank of Denver, National Association, Denver
1
United States National Bank, San Diego
1
United States National Bank of Oregon, Portland
1
United Virginia Bank/First & Citizens National, Alexandria
1
United Virginia Bank/Seaboard National, Norfolk
1
Valley National Bank of Arizona, Phoenix
1
Virgin Islands National Bank, Charlotte, Amalie, St. Thomas
4
Virginia National Bank, Norfolk
1
Wachovia Bank and Trust Company, National Association,
Winston-Salem
1
Wells Fargo Bank, National Association, San Francisco
3
Western Pennsylvania National Bank, Pittsburgh
1
550
606
Section 25(a) Corporations
Allied Bank International, New York
2
Bank of America, New York
1
Bank of Boston International, New York
1
Detroit Bank and Trust International, Detroit
1
First National City Overseas Investment Corporation, New York
1
International Bank of Commerce, Seattle
5
International Bank of Detroit, Detroit
1
Philadelphia International Investment Corporation, Philadelphia
1
State Street Bank Boston International, New York
1
14
620
GERALD FORD
FR 468
(Rev. 3-63)
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MEMO
Date 12-18-72
Time
To:
Chairman Burns
From: Frederick R. Dahl
Tel. No.
Ext.
Please call
For your approval
Returned your call
For your information
Will call again
Note and return
Phone me re attached
For comments and suggestions
See me re attached
Preparation of reply
MESSAGE:
Governor Sheehan requested that this
be circulated to all Governors.
FORD is LIBRARY 07V839
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Office Correspondence
Date
December 13, 1972
To
Governor Sheehan
Subject:
Reply to your query of
December 11, 1972, as to total assets of
From
Frederick R. Dahl
all U.S. banks.
My memorandum of October 30, 1972, cited total assets
of Nassau branches of $9.1 billion as of May 1972, when the
assets of all commercial banks in the United States totaled
$659.1 billion, with $523.5 belonging to members of the Federal
Reserve System. The assets of the Nassau branches thus equaled:
1.38 per cent of the total assets of all U.S. banks
1.74 per cent of the total assets of member banks
of the Federal Reserve System.
The above figures for total assets of banks are for
domestic offices only. Total assets of foreign branches presently
run about $70 billion, which, if added to the domestic totals,
would provide a measure of the consolidated assets of member banks
at domestic and foreign locations. On the basis of that adjust-
ment, the assets of the Nassau branches would represent approxi-
mately:
1.25 per cent of the total assets of all U.S. banks
1.53 per cent of the total assets of member banks
of the Federal Reserve System.
FORD & LIBRARY 039470