Led by Frankfurt partner Dr Tim Oliver Brandi, LL.M. (Columbia), global law firm Hogan Lovells has advised Mitsubishi Corporation Group on the sale of all of the Group’s shares in MCE Bank GmbH to Santander Consumer Bank AG.
MCE Bank GmbH based in Flörsheim near Frankfurt is part of the overseas subsidiary group of Mitsubishi Corporation and the captive bank in Germany for the distribution of vehicles manufactured by Mitsubishi Motors (MKG Bank) and Isuzu Motors (Isuzu Bank). It offers comprehensive automotive financial services and car dealership IT services for the German market serving over 95,000 customers and over 550 dealer partners. In fiscal year 2020, MCE Bank reported one billion Euro assets under management.
The transaction is subject to approval by the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) and the German Federal Cartel Office. The transaction is expected to close around the end of March 2023.
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