On Monday, July 2, 2018, Legend Holdings Corp. has obtained all regulatory permissions, including the permission of the Commission for the supervision of the Finance (CSSF) and of the European Central Bank (ECB) to purchase 89,936% stake in Precision Capital in Banque Internationale à Luxembourg (BIL).
The transaction has therefore been successfully completed following the initial announcement of the takeover on 1 September 2017. The Grand Duchy of Luxembourg will retain its 9.993% ownership of BIL.
A delegation from Legend Holdings, including Liu Chuanzhi and Zhu Linan (Chairman and President of Legend Holdings respectively), will be travelling to Luxembourg to mark this important milestone for both BIL and Legend Holdings between 10 and 12 July 2018.
As stated in September 2017, the acquisition represents a long-term strategic investment for Legend Holdings. BIL’s asset scale, profit and revenue growth potential and business stability qualify BIL as a pillar asset for Legend Holdings, underlining its long-term investment horizon. BIL is a well-run and well-capitalised bank with a diversified business model and a focused, long-term strategy. Its long history and salient presence in Luxembourg are highly valued by Legend Holdings.
Legend Holdings is committed to providing the financial and operational support to maintain and grow the BIL brand both domestically and internationally, and to further invest in BIL’s client offering. Legend Holdings is looking forward to supporting the existing Management Board in continuing to implement the BIL2020 strategy to achieve sustainable growth.
In line with the commitments made in September 2017, Legend Holdings will:
– Maintain and invest further in the development of the BIL brand in Luxembourg, Europe and globally;
– Invest in BIL’s people, support employment and provide international career opportunities;
– Retain the current governance and management of the bank: Luc Frieden will remain BIL Chairman, while Hugues Delcourt will remain CEO.
Under the stewardship of Legend Holdings and the Grand Duchy of Luxembourg, BIL’s commitment to its home market of Luxembourg will remain as strong as ever.
Liu Chuanzhi, Chairman of Legend Holdings, said: “We are delighted to welcome BIL into the Legend Holdings group. We recognize BIL’s status as a national champion and are excited by its growth potential, the quality of its client proposition, and above all, its people. We look forward to fulfilling our commitment to maintain continuity at BIL while at the same time investing to pursue the opportunities that the Board and Legend Holdings unanimously see ahead for the bank.”
George Nasra, CEO of Precision Capital, said: “Six years after acquiring a majority stake in BIL, we take great pride in the significant progress the bank achieved under our stewardship. We would like to take this opportunity to express our gratitude to the Luxembourg State, BIL’s Board of Directors, its management team and its more than 2,000 employees for welcoming us, working with us and, together, making the bank even stronger. We wish everyone at BIL continued success moving forward.”
Luc Frieden, Chairman of BIL, said: “Today’s announcement is an important milestone in BIL’s development. As a long-term diversified investment holding company, Legend Holdings enjoys a reputable brand and has extensive global resources. We believe that leveraging Legend Holdings’ strengths will provide strong support to BIL’s development in the future. As a leading universal bank, we will continue to support a significant part of the Luxembourg economy by providing a comprehensive range of retail, wealth management and corporate and institutional banking products and services to our clients.”
Hugues Delcourt, CEO of BIL, said: “With the support of the Board, my management team will continue to build on our BIL2020 strategy. We will continue to reinforce the bank’s position in our existing markets while constantly enhancing our client offering and growing our geographic reach. At the same time, Legend Holdings’ extensive networks and significant experience in financial technology, Artificial Intelligence and big data will further support our ambitions.”