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China's Legend buys Luxembourg's BIL bank for US$1.8b in European expansion

BIL's management team will stay in place while the Luxembourg govt will keep 10% cent of the bank

"This is an important strategic investment for Legend. Financial services is one of Legend Holdings' key target industries." - Liu Chuanzhi, Legend chairman

Hong Kong

CHINA'S Legend Holdings struck a deal on Friday to buy a 90 per cent stake in Banque Internationale a Luxembourg (BIL) for 1.48 billion euros (S$2.39 billion) in the biggest takeover of a European deposit-taking bank by a Chinese firm so far.

Legend, best known as owner...