Banque Internationale à Luxembourg (Bil) has confirmed to Paperjam that it will close its Hong Kong office, BIL Wealth Management Ltd, as part of a strategic shift to strengthen its wealth management operations in Europe. It is the unit’s only location outside Europe. The bank will continue serving Chinese clients through its wealth management hubs in Luxembourg and Switzerland, with its representative office in Beijing remaining operational, clarified a representative of the bank on Wednesday 8 January 2025.

Founded in 2020, Bil’s Hong Kong office was key to its wealth management and investment services in Asia. However, with this closure, the bank is refocusing its efforts on European markets, while maintaining its commitment to its Chinese clientele through its established hubs.

Bil is 90% by Hong Kong-listed Legend Holdings, with the remaining 10% held by the Luxembourg state. Bil Wealth Management Ltd, a wholly owned subsidiary of Bil, was incorporated in Hong Kong and regulated by the Securities and Futures Commission.

Founded in 1856, Bil is the oldest private banking group in Luxembourg.