A first of its kind bank merger has seen Deutsche Bank use the cross-border merger directive to convert its Portuguese and Hungarian subsidiaries into branches of the German parent company.
This is the first banking and finance cross-border merger in Europe, and also the first transaction under Directive 2005/56/CE on cross-border mergers of limited liability companies.
The merger filings are a sign of progress towards a united states of Europe, according to Pedro Cassiano Santos of Portuguese firm Vieira de Almeida (despite the eurozone crisis).
“There may have been similar situations between a Delaware company and a Californian company, but this is the first evidence that it’s possible between a Portuguese and a German company, operating as banks” he said.
Before the pilot deals, which closed November 30, European companies traditionally merged by...