Wall Street Journal
December 2, 2011
European banks are restructuring their businesses outside their home countries in ways that reduce the impact of tough new regulations that were adopted in response to the financial crisis.
In the U.S., U.K. and Portugal, at least a few large European banks have altered their legal structures or moved assets and business lines between units, partly in an attempt to avoid local rules and oversight, according to bank disclosures and people familiar with the matter.
The latest example came in Portugal this week. Deutsche Bank AG converted its business there from an independently incorporated local subsidiary into a branch of the parent company. The switch means the giant German bank's Portuguese operations are no longer subject to new capital and other requirements that Portugal imposed in the wake of the country's international rescue earlier this year.
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