The proposed transaction remains subject to approval by the European Central Bank and Luxembourg financial regulator CSSF and that of other regulatory authorities, the bank said in press release. It also remains subject to Legend Holdings shareholder approval. The Grand Duchy of Luxembourg will retain its 9.993% ownership of Bil.

Legend Holdings commits to a “long-term strategic investment to grow BIL franchise in Luxembourg, Europe and internationally,” according to the announcement. It commits to “preserving and investing in the Bil brand, its employees and customer offering.”

Bil governance and management are to remain unchanged; Luc Frieden is to remain chairman and Hugues Delcourt as CEO.

The Grand Duchy of Luxembourg will retain its 9.993% shareholding in BIL.

The minister of finance, Pierre Gramegna, issued a statement “that the participation of the state in the capital was a guarantee of stability and confidence. As shareholder, the state will ensure the continuity of the development of the bank.”

He had been assured that no restructuring will take place in the first three years and that the HQ will stay in Luxembourg.