bank holding company

bank holding company
USA
A bank holding company is any entity that meets any of the following requirements:
• Directly or indirectly owns, controls or has the power to vote 25% or more of a class of a bank's securities.
• Controls in any manner the election of a majority of a bank's directors or trustees.
• The Federal Reserve Board of Governors determines, after notice and opportunity for hearing, that the entity directly or indirectly exercises a controlling influence over a bank's management or policies.
To become a bank holding company, a company must obtain the consent of the Federal Reserve Board of Governors and must comply with the conditions and requirements set out in the Bank Holding Company Act of 1956, as amended.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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