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China's Legend closes purchase of Luxembourg bank
Last Updated: 2018-07-04 11:35 | Xinhua
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Legend holdings corporation, parent company of Chinese technology giant Lenovo, completed the purchase of nearly 90 percent stake in Banque Internationale a Luxembourg S.A. (BIL) on Monday.

BIL said in a statement on its web site on Monday that Legend has received all regulatory approvals for the acquisition of 89.936 percent stake. The Grand Duchy of Luxembourg will retain its nearly 10 percent ownership of BIL.

Legend Holdings is looking forward to supporting the existing Management Board, maintain and invest further in the development of the BIL brand in Luxembourg, Europe and globally, according to the statement.

In a stock filing dated July 2 with the Hong Kong exchange, where Legend is listed, Legend said it paid 1.53 billion euros (1.78 billion U.S. dollars) for the stake.

The BIL's current board chairman and chief executive will stay in place, Xinhua has learnt.

Liu Chuanzhi, chairman of Legend, said the acquisition is the corporation's most significant step of going global since Lenovo bought the personal computer business of IBM in 2004.

Founded in 1856, BIL is the oldest multi-business bank in the Grand Duchy. Employing more than 2,000 people, BIL is present in the financial centres of Luxembourg, Switzerland, Denmark, Sweden and the Middle East.

As of the end of 2017, BIL had total assets of 23.8 billion euros, and its net income after tax in 2017 was 117 million euros. (1 euro = 1.17 U.S. dollar)

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