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{{branches and affiliates}}A “branch” is a single office or presence of a larger [[legal entity]]. It may just be the local premises — the Muswell Hill branch of Sainsbury’s, for example — but in the world of [[high finance]] it is usually whole presence of that legal entity in a given city or even a single jurisdiction.  For example:
{{def|Branch|/brɑːn(t)ʃ/|n|}}
*“Deutsche Bank AG, London Branch” is a physical manifestation of the German [[Aktiengesellschaft]], located in London. It is a whole, integrated part of Deutsche Bank AG and has no independent legal personality or other standing. It is a “branch”. It can be called upon to perform any obligation owed by Deutsche Bank AG.
{{branches and affiliates}}
 
{{sa}}
By contrast, an [[affiliate]] of a company is a distinct legal entity that is related to that company - either a [[parent]], a [[subsidiary]] or it may be under common ownership - some kind of corporate [[sibling]], in effect.
*{{isdaprov|Multibranch parties}} under the {{isdama}}
 
*[[Legal personality]]
[[Affiliate|Affiliates]] may be consolidated from an accounting perspective, but generally (and unless it has specifically agreed to) one company is not responsible for performing the obligations of its affiliate
*[[Legal entity]]
*“Goldman Sachs International”, on the other hand, is an unlimited liability company incorporated in England and Wales which is legally distinct from The Goldman Sachs Group, Inc., and would not count as a “branch”.
*[[Affiliate]]
 
*[[Guarantee]]
Details fans will immediately note that, from the point of view of legal and corporate philosophy - surely a subject dear to every attorney’s heart - the differing branches of a legal entity have no distinct legal personality any more than does a person’s arm or leg have different personality from her head.
{{ref}}
 
===See also===
*{{isdaprov|multibranch parties}}
*[[legal personality]]
*[[legal entity]]
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