Flags fly in front of the Luxembourg City headquarters of Banque internationale à Luxembourg in this archive photo. According to the Reuters news agency, a Chinese firm is in talks to take over a majority shareholding in the bank.
Legend Holdings is in talks with Precision Capital, the Luxembourg-based Qatari investment vehicle that owns the Bil shares, Reuters reported on 11 July.
The deal is valued between €1bn-€1.5bn, according to Reuters.
Precision bought most of Bil from the Dexia financial group for €730m in 2011. Precision reportedly started shopping the sale earlier this year.
Bil is the oldest private bank in Luxembourg and had around €37.7bn in assets under management as of December 2016.
Legend Holdings is the parent company of the Lenovo computer brand, which has bought business lines from the American technology firms IBM and Motorola. According to its website, Legend also has stakes in several Chinese financial firms, including in the private equity and peer-to-peer lending sectors, real estate and the food sector, among other investments.
Reuters said that Bil, Legend, Precision and Luxembourg’s government, which holds the remaining shares in Bil, would not comment for its article.
Bil told Paperjam, Delano’s sister publication, that it did not want to comment on the rumor.