Legend Holdings has launched a sale process for its nearly 90% stake in Banque Internationale à Luxembourg, with the transaction potentially valuing Luxembourg’s oldest private bank at approximately €2.5 billion or more, according to the Financial Times.
The Hong Kong-listed Chinese investment group is working with Goldman Sachs on the potential sale of its 89.9% holding in the bank, commonly known as BIL. Initial bids are expected around the end of September, according to people familiar with the process cited by the Financial Times. Discussions remain at an early stage, and there is no certainty that a transaction will ultimately be completed.
The sale process has already generated preliminary interest from financial institutions in Europe and the Middle East.
Potential bidders may have differing strategies for the asset. Some could pursue BIL as an intact banking platform, while others may be interested in acquiring individual portions of the business rather than the entire institution.
A €2.5 billion-plus valuation would represent a meaningful increase from the price at which Legend Holdings originally acquired control of BIL.
Legend agreed in 2017 to acquire Precision Capital’s 89.936% holding in BIL in a transaction that valued the Luxembourg banking group at approximately €1.6 billion.
Precision Capital was a Luxembourg investment vehicle representing members of Qatar’s royal family.
At the time, Legend described BIL as a long-term strategic investment and said it intended to support the bank’s expansion in Luxembourg, elsewhere in Europe and internationally.
The Grand Duchy of Luxembourg retained approximately 10% of the bank following the acquisition and continues to hold that minority position.
Founded in 1856, BIL is one of Luxembourg’s most established financial institutions and operates across wealth management, retail banking, corporate banking and institutional financial services.
That diversified model could make the bank particularly attractive to European financial institutions seeking additional scale in Luxembourg and the broader European wealth management market.
BIL enters the potential sale process following a year of strong financial performance.
The bank reported €210 million of net income for 2025, representing a 24% increase from €170 million in 2024. BIL’s own results also showed assets under management reaching €50.1 billion, up 7% year over year. (Bil) Customer deposits totaled €18.7 billion and customer loans were €16.2 billion.
Total revenue remained stable at €708 million in 2025 while operating expenses declined 2% to €485 million.
BIL ended the year with a common equity Tier 1 ratio of 14.46% and a liquidity coverage ratio of 177%, giving potential buyers a bank with a significant existing asset base and established capital and liquidity positions.
Its wealth management operation could be particularly important to potential acquirers.
BIL has been reshaping that business around its Luxembourg and Swiss booking centers while expanding its presence in important European markets.
The bank opened a Paris branch as part of an effort to accelerate growth in France while simultaneously simplifying portions of its international footprint.
It has also been increasing collaboration between wealth management, corporate banking, corporate finance and digital banking as part of its 2025-2030 strategic plan.
BIL’s corporate and institutional banking operation serves small and medium-sized businesses, mid-cap companies, larger corporations and institutional investors.
The bank has also been investing in digital services and artificial intelligence as it modernizes its customer experience.
Its recent initiatives include expanded digital onboarding, electronic signatures, online savings products and Berry, an AI-powered virtual banking assistant integrated into its BILnet platform.
The potential sale comes during a period of increased consolidation across European banking.
Improved profitability and stronger balance sheets at many European banks have encouraged institutions to look at acquisitions as a way to expand in attractive markets, add wealth management assets and generate greater operating scale.
BIL could offer several of those characteristics simultaneously, including a recognized banking franchise in one of Europe’s major financial centers, a sizable wealth management operation and an established corporate banking business.
The sale would also mark another significant European financial-sector exit by a Chinese investor.
Other Chinese companies have reduced holdings in European financial businesses in recent years. Fosun sold its remaining position in Belgian insurer Ageas in 2024, while Geely exited its investment in Danish online broker Saxo Bank through a sale to J. Safra Sarasin.
For Legend Holdings, a sale around €2.5 billion would complete an investment that began nearly a decade ago when the company sought to establish BIL as a major pillar of its financial services portfolio.
Legend is also widely known as a major shareholder of Lenovo and maintains investments across multiple industries.
For prospective buyers, BIL represents a relatively rare opportunity to acquire control of a sizable universal bank and wealth management franchise in Luxembourg.
The presence of the Luxembourg government as a continuing approximately 10% shareholder also means any transaction would involve an institution with significant importance to the country’s domestic banking system.
First-round offers expected around the end of September should provide a clearer indication of buyer interest and whether Legend can achieve a valuation of at least €2.5 billion for its stake.
If completed near that level, the sale would represent a substantial increase from BIL’s valuation when Legend took control in 2017 and would place one of Luxembourg’s longest-established financial institutions under new majority ownership.
