Andersen with FCA Bank to set up branches in France and Portugal
Andersen has assisted FCA Bank SpA in the restructuring of its French and Portuguese subsidiaries.
In this complex restructuring operation, both FCA Capital France SA and FCA Capital IFIC Portugal SA have been absorbed by FCA Bank SpA under an EU cross-border merger process.
All their assets were assigned to the French and Portuguese branches of FCA Bank SpA, which were set up specifically for this purpose.
The project to convert the subsidiaries into branches was subject to the prior approval of the European Central Bank and to the completion of the passporting procedures for the banking and insurance brokerage licenses with the Bank of Italy and IVASS.
Andersen assisted FCA Bank with a team led by partners Maricla Pennesi, European and Italian Tax coordinator and Lead client partner, and Marco Giorgi, Banking and Finance Partner, an expert in Banking, Regulatory and Corporate matters.
“We are honored – declares Maricla Pennesi, Lead client partner – to have assisted FCA Bank Italy in this complex transaction. The great team collaboration has been crucial to achieving the target which has been possible thanks to client’s full trust and support.”
“Our solid expertise in banking and corporate law,” adds Marco Giorgi, “and our previous experiences in similar transactions allowed us to simultaneously carry out the mergers and passporting procedures in the two countries. The most difficult part was coordinating all the terms and constraints of banking and corporate law in three different jurisdictions (Italian, French and Portuguese) with four different banking supervisory authorities.”
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