In the first half of 2010 Orrick Hölters & Elsing advised Citi, one of the leading financial services companies world-wide, on its German Corporate & Investment Bank's change in legal form.

The transformation from a partnership limited by shares (KGaA) into a German stock corporation was made because after the sale of the consumer business to the French Credit Mutuel in December 2008, there was no further legal necessity for this legal form. The change was accompanied by Orrick Hölters & Elsing in Frankfurt under the leadership of Dr. Annette Bödeker (Partner Corporate Law). Jutta Schneider (Partner Tax Law) provided tax advice. Dr. Michael Fink contributed as Corporate Law Associate. Apart from providing advice regarding the reorganization in the areas of Corporate and Tax Law Orrick Hölters & Elsing also advised Citi on the transition of the Management Board contracts. On the Citi side Dr. Jasmin Kölbl-Vogt, Head of Legal, Germany, and Dr. Dieter Kilian were involved.

Subsequent to the change in legal form which took effect on June 10, 2010 Citigroup Global Markets Management AG, the previous general partner of the KGaA, has been merged into the new stock corporation. These steps have simplified Citi's corporate structure in Germany. The new stock corporation will be led by the previous management board of the general partner in unchanged composition and will handle Citi's corporate and investment bank business in Germany.