- 5 - ways: (1) As a "subsidiary"; (2) as a fully insured "branch"; (3) as an "agency"; or (4) as a "representative". At various times during its years of operation, BCCI, S.A. maintained agency offices in New York City, Los Angeles, and San Francisco; BCCI Cayman Islands maintained agency offices in Miami, Tampa, and Boca Raton. For a limited time BCCI, S.A. had a representative office in Washington, D.C. (A representative office is the lowest grade of banking offices. It is prohibited from doing routine banking transactions and primarily serves a local public relations function for the home office of the bank.) As part of its worldwide branch2 structure, BCCI, S.A. maintained a branch on the Isle of Man (IOMB). BCCI, S.A.'s agency offices3 in the United States were not permitted to exercise fiduciary or trust powers under Federal or State law. The U.S. agency offices also were prohibited from 2 "Branch" is defined pursuant to 12 U.S.C. sec. 3101(3) (1994), as "any office or any place of business of a foreign bank located in any State of the United States at which deposits are received." 3 "Agency" is defined pursuant to 12 U.S.C. sec. 3101(1) (1994), as follows: any office or any place of business of a foreign bank located in any State of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent but at which deposits may not be accepted from citizens or residents of the United States. * * *Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011