Legend Holdings acquires Banque Internationale à Luxembourg (BIL)
Legend Holdings Corp., a leading large Chinese investment group, has received all regulatory approvals including those of the European Central Bank (ECB), the Commission de Surveillance du Secteur Financier (CSSF) and the Swiss Financial Market Supervisory Authority (FINMA) for the acquisition of Precision Capital's 89.936% stake in Banque Internationale à Luxembourg (BIL), a leading universal banking group headquartered in Luxembourg. The Grand Duchy of Luxembourg will retain its 9.993% ownership of BIL.
The transaction has been successfully completed and constitutes the biggest takeover of a European deposit-taking bank by a Chinese firm so far. Lenz & Staehelin acted as counsel to BIL and the team included partner Marcel Tranchet and associates Eric Olivier Meier, Patrick Schärli, Alex Wille and Raphael Fries.