MONDAY, DECEMBER 13, 1999

NEW YORK--The Federal Reserve Bank of New York Tuesday approved the application by China Trust Holdings N.V., Curacao, Netherlands Antilles ("CTHNV"), to form a bank holding company, China Trust Capital A/S, Denmark ("CTCAS"). CTHNV also proposes to acquire control of CTCAS and CTCAS proposes to acquire direct control of China Trust Capital BV, Amsterdam, The Netherlands, and indirect interests in China Trust Holdings Corporation, New York, New York, and China Trust Bank (USA), Torrance, California

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.