Legend Holdings is selling BIL Bank
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The Chinese corporation Legend Holdings plans to sell the Luxembourg-based bank BIL. According to the Financial Times, the value of the proposed deal is estimated at approximately $2.5 billion, equivalent to €2.2 billion.
The change of ownership of the credit institution will take place almost a decade after it was acquired by a Chinese party. In 2017, the purchase of a stake in BIL was presented as a long-term strategic investment in Luxembourg’s financial market. At that time, the bank’s chairman of the board of directors was Luc Frieden, the country’s current prime minister.
Around ten years ago, Legend Holdings paid €1.48 billion for a 90 per cent stake in the financial institution. The remaining 10 per cent of the credit institution’s share capital is still owned by the state.
