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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
Berkshire Bancorp Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
084597-10-3
--------------------------------------------------------
(CUSIP Number)
April 21, 1999
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/ / Rule 13d-1(b)
/X/ Rule 13d-1(c)
/ / Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
Page 1
of 10 Pages
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SCHEDULE 13G
CUSIP NO. 084597-10-3 Page 2 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citibank Overseas Investment Corporation
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) / /
(b) / /
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF (5) SOLE VOTING POWER 0
SHARES
----------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER 0
OWNED BY
----------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER 0
REPORTING
----------------------------------------------------
PERSON (8) SHARED DISPOSITIVE POWER 0
WITH:
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) / /
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0%
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(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
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SCHEDULE 13G
CUSIP NO. 084597-10-3 Page 3 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citibank, N.A.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) / /
(b) / /
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF (5) SOLE VOTING POWER 0
SHARES
----------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER 0
OWNED BY
----------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER 0
REPORTING
----------------------------------------------------
PERSON (8) SHARED DISPOSITIVE POWER 0
WITH:
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) / /
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0%
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(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) BK
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SCHEDULE 13G
CUSIP NO. 084597-10-3 Page 4 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citicorp
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) / /
(b) / /
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF (5) SOLE VOTING POWER 0
SHARES
----------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER 0
OWNED BY
----------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER 0
REPORTING
----------------------------------------------------
PERSON (8) SHARED DISPOSITIVE POWER 0
WITH:
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
- -------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) / /
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0%
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(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC
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<PAGE>
SCHEDULE 13G
CUSIP NO. 084597-10-3 Page 5 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citigroup Holdings Company
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) / /
(b) / /
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF (5) SOLE VOTING POWER 0
SHARES
----------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER 0
OWNED BY
----------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER 0
REPORTING
----------------------------------------------------
PERSON (8) SHARED DISPOSITIVE POWER 0
WITH:
- -------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
- -------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) / /
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0%
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(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC
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SCHEDULE 13G
CUSIP NO. 084597-10-3 Page 6 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citigroup Inc.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) / /
(b) / /
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- -------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER 0
SHARES
----------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER 0
OWNED BY
----------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER 0
REPORTING
----------------------------------------------------
PERSON (8) SHARED DISPOSITIVE POWER 0
WITH:
- -------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
- -------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) / /
- -------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0%
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(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC
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Item 1(a). Name of Issuer:
Berkshire Bancorp Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
160 Broadway
New York, New York 10038
Item 2(a). Name of Person Filing:
Citibank Overseas Investment Corporation ("COIC")
Citibank, N.A. ("Citibank")
Citicorp
Citigroup Holdings Company ("Citigroup Holdings")
Citigroup Inc. ("Citigroup")
Item 2(b). Address or Principal Office or, if none, Residence:
The address of the principal office of COIC is:
One Penn's Way
New Castle, DE 19720
The address of the principal office of each of Citibank and
Citicorp is:
399 Park Avenue
New York, NY 10043
The address of the principal office of Citigroup Holdings is:
One Rodney Square
Wilmington, DE 19899
The address of the principal office of Citigroup is:
153 East 53rd Street
New York, NY 10043
Item 2(c). Citizenship or Place of Organization:
Citibank is a national banking association.
COIC, Citicorp, Citigroup Holdings and Citigroup are Delaware
corporations.
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). Cusip Number:
084597-10-3
Page 7
of 10 Pages
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Item 3. If this Statement is Filed Pursuant to Sections 240.13d-1(b) or
240.13d-2(b) or (c), Check Whether the Person Filing is a(n):
(a) [ ] Broker or dealer registered under section 15 of the
Act (15 U.S.C. 78o);
(b) [X] Bank as defined in section 3(a)(6) of the Act
(15 U.S.C. 78c);
(c) [ ] Insurance company as defined in section 3(a)(19) of
the Act (15 U.S.C. 78c);
(d) [ ] Investment company registered under Section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e) [ ] Investment adviser in accordance with Section
240.13d-1(b)(1)(ii)(E);
(f) [ ] Employee benefit plan or endowment fund in accordance
with Section 240.13d-1(b)(1)(ii)(F);
(g) [X] Parent holding company or control person in accordance
with Section 240.13d-1(b)(1)(ii)(G);
(h) [ ] Savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] Church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3)
(j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).
Item 4. Ownership. (as of April 21, 1999 and December 31, 1999)
(a) Amount beneficially owned: See item 9 of cover pages
(b) Percent of Class: See item 11 of cover pages
(c) Number of shares as to which the person has:
(i) sole power to vote or to direct the vote:
(ii) shared power to vote or to direct the vote:
(iii) sole power to dispose or to direct the disposition of:
(iv) shared power to dispose or to direct the disposition of:
See Items 5-8 of cover pages
Page 8
of 10 Pages
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Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner
of more than five percent of the class of securities, check the
following [X].
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Not Applicable.
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security being Reported on by the Parent Holding Company.
Citibank is the sole stockholder of COIC. Citicorp is the sole
stockholder of Citibank. Citigroup Holdings is the sole stockholder
of Citicorp. Citigroup is the sole stockholder of Citigroup Holdings.
Item 8. Identification and Classification of Members of the Group.
Not Applicable.
Item 9. Notice of Dissolution of Group.
Not Applicable.
Page 9
of 10 Pages
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Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
SIGNATURE.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: February 1, 2000
Citibank Overseas Investment Corporation
By: /s/ William H. Wolf
-----------------------------
Name: William H. Wolf
Title: Vice President and
Secretary
CITIBANK, N.A.
By: /s/ Glenn S. Gray
-----------------------------
Name: Glenn S. Gray
Title: Vice President and
Assistant Secretary
CITICORP
By: /s/ Glenn S. Gray
-----------------------------
Name: Glenn S. Gray
Title: Assistant Secretary
CITIGROUP HOLDINGS COMPANY
By: /s/ Kenneth Cohen
-----------------------------
Name: Kenneth Cohen
Title: Assistant Secretary
CITIGROUP INC.
By: /s/ Glenn S. Gray
-----------------------------
Name: Glenn S. Gray
Title: Assistant Secretary
Page 10
of 10 Pages
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EXHIBIT INDEX TO SCHEDULE 13G
-----------------------------
EXHIBIT 1
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Agreement among COIC, Citibank, Citicorp, Citigroup Holdings and Citigroup
as to joint filing of Schedule 13G
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EXHIBIT 1
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AGREEMENT AS TO JOINT FILING OF SCHEDULE 13G
--------------------------------------------
Each of the undersigned hereby affirms that it is individually eligible to use
Schedule 13G, and agrees that this Schedule 13G is filed on its behalf.
Date: February 1, 2000
Citibank Overseas Investment Corporation
By: /s/ William H. Wolf
-----------------------------
Name: William H. Wolf
Title: Vice President and
Secretary
CITIBANK, N.A.
By: /s/ Glenn S. Gray
-----------------------------
Name: Glenn S. Gray
Title: Vice President and
Assistant Secretary
CITICORP
By: /s/ Glenn S. Gray
-----------------------------
Name: Glenn S. Gray
Title: Assistant Secretary
CITIGROUP HOLDINGS COMPANY
By: /s/ Kenneth S. Cohen
-----------------------------
Name: Kenneth S. Cohen
Title: Assistant Secretary
CITIGROUP INC.
By: /s/ Glenn S. Gray
-----------------------------
Name: Glenn S. Gray
Title: Assistant Secretary
