Hengeler Mueller advises Portigon on transfer of PFS to EAA

05. April 2016

Portigon AG (“Portigon”) transfers all shares in its service subsidiary, Portigon Financial Services GmbH (“PFS”), to Erste Abwicklungsanstalt (“EAA”). The IT service provider PFS manages the financial portfolio of EAA and currently employs some 550 people in Düsseldorf, New York and London.

The transfer of PFS to EAA is a further step towards winding down the former WestLB in accordance with the conditions imposed by the EU Commission and will secure the portfolio reduction at EAA in the long term. To successfully fulfil its statutory mission to wind down the assets and liabilities of the former WestLB, EAA has availed itself of the services of PFS since its inception.

Hengeler Mueller is advising Portigon on this transaction. The Hengeler Mueller team includes partners Frank Burmeister (Corporate/M&A), Dirk Bliesener (Banking), Hendrik Bockenheimer (Employment), Jan Bonhage (State Aid, Berlin) und Martin Klein (Tax), Counsel Mathias Link (Tax) and Associates Martin Ulbrich and Claudia Nees (all Frankfurt).