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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

Published Sun, Sep 3, 2017 · 09:50 PM
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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 of computer group Lenovo Group Ltd, is acquiring 161-year-old BIL from Precision Capital, an investment vehicle of members of Qatar's royal family, including former Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani.

Legend's biggest overseas acquisition is being made through its Hong Kong subsidiary, Beyond Leap Limited, the company said.

Reuters first reported in Ju…

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