Lenovo’s parent buys 90% of Luxembourg bank
Print Edition
LEGEND Holdings Corporation, parent company of Lenovo, completed the purchase of a nearly 90 percent stake in Banque Internationale a Luxembourg S.A. on Monday.
BIL said in a statement on its website on Monday that Legend has received all regulatory approvals for the acquisition of the 89.936 percent stake.
The Grand Duchy of Luxembourg will retain its nearly 10 percent ownership of BIL.
Legend Holdings is looking forward to supporting the existing management board, maintain and invest further in the development of the BIL brand in Luxembourg, Europe and globally, according to the statement.
In a stock filing dated Monday with the Hong Kong exchange, where Legend is listed, Legend said it paid 1.53 billion euros (US$1.78 billion) for the stake.
The BIL’s current board chairman and chief executive will remain, reporters have learnt.
Liu Chuanzhi, chairman of Legend, said the acquisition is the corporation’s most significant step of going global since Lenovo bought the personal computer business of IBM in 2004.
Founded in 1856, BIL is the oldest multi-business bank in the Grand Duchy. Employing more than 2,000 people, BIL has operations in Luxembourg, Switzerland, Denmark, Sweden and the Middle East.
As of the end of 2017, BIL had total assets of 23.8 billion euros, and its net income after tax in 2017 was 117 million euros.
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