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A US banking giant Bank of America Merrill Lynch has asked the High Court for permission to merge the One of its affiliates based with a related Irish company because of Brexit.
The Irish Independent announced in May that Bank of America Merrill Lynch plans to relocate 125 jobs to Dublin by reorganizing its banking business in the UK and Europe in anticipation of Brexit.
The North Carolina-based banking giant fired the starting gun on its Brexit review in March.
This included the business consolidation plan in the Irish structure under the leadership of Bruce Thompson, former Chief Financial Officer and Risk Officer of the Bank of America Group, and chaired by Anne Finucane, Vice President of BAML, a member of the Bank of America. Group management team.
In court yesterday, the group sought permission to merge Bank of America Merrill Lynch International DAC, in Leopardstown, Dublin, with Bank of America Merrill Lynch International Ltd. (BAMLI), London.
Both entities provide banking services and are wholly-owned subsidiaries of the US banking group.
On Monday, Paul Sreenan SC, for the Irish entity, told Judge Robert Haughton that the claim was made as a result of "fallout from Brexit".
The Bank of America Group has stated that amalgamation is one of the measures it intends to take to ensure that it can continue to operate its business and serve its customers uninterrupted after the withdrawal of the United Kingdom from the EU.
He says that BAMLI is its main bank lending entity in Europe, the Middle East and Africa.
It carries on its regulated banking activities in the European Economic Area (EEA) relying on pbadports relating to freedom of establishment and freedom of service as a company regulated by l & # 39; EEA.
He says that all the consequences of Brexit and its impact on the legal and regulatory regimes of the EEA and the UK on its activities are not yet known.
The British company has total badets of $ 43.3 billion and a liability of $ 34.8 billion. The Irish company has badets of $ 5 billion and a liability of $ 2.8 billion.
It is hoped that the merger will be completed on December 1st.
The motion was admitted to the list of commercial courts expedited by Judge Haughton, who adjourned it in November.
In May, Irish Independent reported that the documents filed with the United Kingdom Companies Office included details This banking juggernaut intends to start relocating its employees to offices in Dublin in July
It aims to compete with relocation by the end of the year with the conclusion of a cross – border merger of its European and British banking entities. Independent
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