Noerr advises Volkswagen on reorganisation

Noerr has confirmed its vital role in advising Volkswagen Financial Services on a complex cross-border reorganisation, marking another significant achievement for the firm. The process involved the merger of an Italian subsidiary into Volkswagen Bank GmbH through a seamless cross-border merger. The Noerr team, which included partners Ralph Schilha, Patrick Mückl, and Felix Blobel, expertly handled the intricate corporate law aspects necessary for the transaction. Their advisory services also encompassed vital areas such as financial regulatory requirements and employment law matters.

Volkswagen Financial Services AG operates as a wholly owned subsidiary of Volkswagen AG and is an integral part of Volkswagen Group Mobility, which oversees European financial and mobility services for the various brands under the Volkswagen umbrella. Volkswagen Bank GmbH, which is another wholly owned subsidiary of Volkswagen Financial Services AG, provides essential services including financing for new and used vehicles, direct banking, and dealer financing. The bank has established itself as one of Germany's largest direct banks, boasting deposits of approximately €37.6 billion as of 31 December 2023.

Noerr has built a strong relationship with Volkswagen Financial Services, frequently advising on corporate matters and transactions. In the previous year alone, the firm facilitated two cross-border reorganisations for the company, showcasing their ongoing commitment and expertise in the field. The advisory team for this recent project included associated partner Timm Gaßner and associates Frédéric Prats, both based in Munich, along with financial services regulation specialists Jens H. Kunz and Christoph Schäfer from Frankfurt. Additional support was provided by employment and pensions associates Raphael Hillus and Sophia-Clara Schulte in Düsseldorf.

In-house counsel from Volkswagen Financial Services, Tom C. Blumenberg and Marina Weber, were instrumental in collaborating with Noerr and ensuring a thorough legal process. Furthermore, the team also engaged BonelliErede, a foreign counsel from Italy, to navigate local legal frameworks effectively. This multi-faceted approach underscores Noerr's dedication to delivering comprehensive legal solutions in complex international transactions.