FINANCIAL SECURITY – BIL TO BE BOUGHT BY CHINESE GROUP

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keywords: banque internationale à luxembourg, qatar, legend group, luxembourg.

According to the Washington Post and Reuters a person close to the matter told them that the Banque Internationale à Luxembourg (BIL) is about to be bought by the Legend Group, a Chinese giant that owns Lenovo Group. The price of BIL bank would be between 1 billion and 1.5 billion euro.

The Qatari owner was considering a price close to 1.5 billion euro at the time of the sale consideration announcement.

BIL is a systemic bank for the Luxembourg economy. It’s future and management is crucial to Luxembourg economy. Finance Minister Gramegna told that he has not to intervene on the choice of the buyer, only the financial regulator (European Central Bank) is involved in considering the offer. During its official visit to China, Prime Minister Bettel asked for a closer relationship between Luxembourg and China.

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