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Fiduciary Trust Company International

Board of Directors
Fiduciary Trust Company International
Two World Trade Center
New York, New York 10048

Dear Members of the Board:

I have today approved the application filed on behalf of Fiduciary Trust Company International to contribute U.S. $100 thousand in additional capital to FTCI (Cayman) Ltd., an existing indirect wholly-owned subsidiary. This approval is subject to the conditions set forth in the attached Order and for the reasons set forth in the attached Statement.

The approval granted herein is based on the facts and circumstances presented or otherwise known to the FDIC in connection with the application. Please notify the FDIC of any significant change in facts or circumstances in the proposal prior to consummation. Please also advise our New York Regional Office of the exact date on which the proposal is consummated.

Should you have any questions relating to this matter, please contact Regional Director Daryl P. Stum of our New York Regional Office (917) 320-2500.

Sincerely,

Michael J. Zamorski
Acting Director


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: Fiduciary Trust Company International
New York, New York
Application for Consent to Invest Additional Capital in an Existing Foreign Financial Entity Organized Under the Laws of the Cayman Islands, British West Indies

ORDER

The undersigned, acting under delegated authority, has fully considered all available facts and information relevant to the application of Fiduciary Trust Company International, New York, New York, (the "Bank"), for consent to contribute $100 thousand in additional capital to a foreign financial entity, FTCI (Cayman), Ltd., Cayman Islands, British West Indies, and has concluded that the application should be approved.

Accordingly, for the reasons set forth in the attached Statement, it is hereby ORDERED, that the application submitted by the Bank for consent to contribute $100 thousand in additional capital to FTCI (Cayman) Ltd. be and the same hereby is approved, subject to the following conditions:

1. The consent granted herein is based upon facts, circumstances, and commitments presented to the FDIC in connection with this request. The Bank shall notify the FDIC of any significant changes in facts or circumstances. The FDIC's action is conditioned on its ability to alter, suspend, or withdraw its approval should any development be deemed to warrant such action;

2. This approval is conditioned on the Bank and FTCI (Cayman) Ltd. obtaining all necessary and final approvals from the appropriate state and foreign authorities;

3. If the proposed investment has not occurred within twelve months from the date of this approval, or unless, in the interim, a request for an extension of time has been approved by the FDIC, the consent granted herein shall expire at the end of the twelve-month period.

Dated at Washington, D.C., this day of June, 2001.

By: _____________________________
Michael J. Zamorski
Acting Director
Division of Supervision


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: Fiduciary Trust Company International
New York, New York
Application for Consent to Invest $100,000 in Additional Capital in the Existing Foreign Financial Entity Organized Under the Laws of the Cayman Islands, British West Indies

STATEMENT

Pursuant to the provisions of Section 18(l) of the Federal Deposit Insurance Act and Parts 347 and 303 of the Federal Deposit Insurance Corporation ("FDIC") Rules and Regulations, Fiduciary Trust Company International, New York, New York, ("the Bank"), a state-chartered nonmember insured bank, has applied for the FDIC's consent to contribute $100 thousand in additional capital to its existing foreign financial entity, FTCI (Cayman), Ltd., which is organized and operates under the laws of the Cayman Islands, British West. The activities of FTCI (Cayman) Ltd., were approved by the FDIC on August 27, 1996, subject to certain conditions intended to ensure the FDIC's access to information. The Bank and FTCI (Cayman) Ltd. are in compliance with all conditions imposed.

As of December 31, 2000, the Bank had approximately $51 billion in trust, custody, and asset management relationships. The Bank mainly provides investment management, custody and trust services for individuals and families. The Bank provides these services directly and indirectly in New York, Los Angeles, Miami, Washington, DC, Geneva, Hong Kong, London, Melbourne, and Tokyo.

The Bank formed Fiduciary Trust (International) S.A., Geneva, Switzerland in 1995, as a third tier subsidiary to hold the foreign subsidiaries. FTCI (Cayman), Ltd. is organized under The Companies Law of the Cayman Islands. FTCI (Cayman) Ltd. has a category "B" banking license, under the Banks and Trust Companies Law, which restricts the licensee to banking business originating in countries outside the Cayman Islands. The trust license permits the conduct of a trust business with persons outside of the Cayman Islands. The licenses restrict the carrying on of business to named and approved persons only. FTCI (Cayman), Ltd. entered into an agreement with CIBC Bank and Trust Company (Cayman) Limited to provide its presence and support services. FTCI (Cayman), Ltd. does not engage in the general business of buying or selling goods, wares, merchandise, or commodities in the United States and will not maintain an office in the United States. Any activities engaged in by FTCI (Cayman), Ltd. in the United States will be incidental to its international or foreign business. Accordingly, the limits and restrictions set forth in sections 347.107 have been satisfied.

The FDIC has fully considered all available facts and information relevant to the Bank's application. Based on the Bank's strong condition, and the level of investment in FTCI (Cayman), Ltd. and the aggregate investment in foreign organizations by the Bank in relation to its capital, the FDIC has concluded that the application should be conditionally approved. The Bank and FTCI (Cayman) Ltd., must obtain any necessary approvals from other regulatory authorities. Conditions imposed in the original approval of the activity intended to ensure the FDIC's access to information about FTCI (Cayman), Ltd., remain effective. The FDIC may alter, suspend, or withdraw its approval should any development be deemed to warrant such action. The approval granted expires twelve months from the date of the Order, unless extended by the FDIC.

ACTING DIRECTOR
DIVISION OF SUPERVISION
FEDERAL DEPOSIT INSURANCE CORPORATION



Last Updated 03/24/2011 Legal@fdic.gov