The group seeks to merge Bank of America Merrill Lynch International DAC, with a registered office in Leopardstown in Dublin, with Bank of America Merrill Lynch International Ltd, with a registered office at King Edward Street in London.

Both firms, which provide various banking services, are wholly owned subsidiaries of the US-based investment banking group.

On Monday, Paul Sreenan SC for the Irish entity told Mr Justice Robert Haughton that the application was being made as a result of the “fallout from Brexit”.

The group said the merger is one of the steps it intends to take to ensure it is able to continue to operate its business and service its clients on an uninterrupted basis following the UK’s intended withdrawal from the European Union.

It says BAMLI is the primary lending banking entity for Bank of America in Europe, the Middle East and Africa.

In particular, it carries out its regulated European Economic Area (EEA) banking business in reliance on the freedom of establishment and freedom of services passports as an EEA regulated firm.

The feasibility of this model, it says, it is likely to be affected by Brexit and the merger is intended to ensure that the Irish-based BAMLI DAC will be able to carry out BAMLI’s existing EEA banking business.

It added that the full consequences of Brexit and how it will impact on the legal and regulatory regimes in both the EEA and the UK on its business are not yet known.

The UK firm has total assets of $43.3 billion and liabilities of $34.8 billion; the Irish has assets of $5 billion and liabilities of $2.8 billion.

It is hoped that the merger, which is of great commercial importance to the group and in the best interests of the companies, will be completed by 1st December 2018.

The application was admitted to the fast track commercial court list by Mr Justice Haughton, who adjourned the matter to a date in November.

Aodhan O Faolain, Ireland International News Agency Ltd.