Acquisition of Control of Foreign Banking Organizations
A foreign banking corporation licensed to maintain a branch, agency or representative office in this state shall file with the superintendent a notice, no later than fourteen calendar days after such foreign banking corporation becomes aware of any acquisition of control of such corporation.
(Refer to BL §201-c for foreign branches/agencies and §221-i for foreign representative offices)
The notice should include the following:
- Description of the transaction, including purchase price and effective date of transaction.
- If approval from home country regulator is required, provide a copy of the approval or no-objection letter or public announcement, with translation to English, if applicable, indicating that such approval or no objection has been obtained.
- Name and address of each person or entity, or group of persons or entities acting in concert, directly or indirectly, owning, controlling or holding with power to vote, 25% more of any class of voting stock of such foreign banking corporation. Also include:
- Place of incorporation and description of business for business entity.
- Nationality and biographies of individuals.
- Latest available financial statements of individuals or business entities.
- List of other banking or financial institution interests of individuals or business entities in home country and in the U.S.
- Shareholder or voting agreements among shareholders, if applicable.
- Anticipated management and business changes in home country and the New York licensee as a result of the transaction.
- For other types of acquisition of control granting a person or entity, or group of persons or entities the ability in any manner to elect a majority of the directors of such foreign banking corporation, or otherwise exercise a controlling influence over the management and policies, please provide the information required in “c” and “e” in letter form.
- Any other information the Superintendent may request.
Access additional information on Industry Letter: mergers involving foreign banking corporations.