Courts / Dublin / Report
Bank of America Merrill Lynch seeks to merge UK subsidiary with Irish firm due to Brexit
Summary
In a High Court application, Bank of America Merrill Lynch (BAMLI) seeks to merge its UK subsidiary, Bank of America Merrill Lynch International Ltd, with its Irish subsidiary, Bank of America Merrill Lynch International DAC, citing Brexit fallout. The merger is intended to preserve BAMLI's ability to conduct European Economic Area banking business, which relies on freedom of establishment and services passports. BAMLI argues that the UK's exit from the EU could affect the legal and regulatory framework for its EEA operations. The Irish firm, headquartered in Leopardstown, Dublin, holds assets of US$5 bn and liabilities of US$2.8 bn, while the UK firm has assets of US$43.3 bn and liabilities of US$34.8 bn. The court admitted the application to the fast‑track commercial list and adjourned the matter to November, with a completion target of 1 December.
Who, what, where, when and why
What: Report matter: Bank of America Merrill Lynch seeks to merge UK subsidiary with Irish firm due to Brexit. Procedural stage: hearing_or_decision
When:
- December 1st Adjournment
- 2018-07-16 Publication
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