Legend Holdings bought the Luxembourg-headquartered bank, founded in the mid-19th century, a decade ago.

Chinese investment company Legend Holdings is reportedly looking to sell Banque Internationale à Luxembourg and has started to put plans in motion, media including the Financial Times, have reported. BIL declined to comment to WealthBriefing about the matter.

A sale would, if confirmed, happen a decade after the group bought BIL. Legend Holdings, listed in Hong Kong and founded back in 1984, is reportedly working with Goldman Sachs on its planned sale of a 90 per cent holding in BIL.

"The Chinese owners of BIL have been yo-yoing to sell it for some time and given the usual dilemma of grow by acquisition or sell, the sell path is the more realistic option as few sizeable acquisition targets exist in Luxembourg or Switzerland," Ray Soudah, founder and chairman of MilleniumAssociates, told this news service. "Valuations are exceptionally attractive now especially for integration partners able to extract synergies. The days of remaining independently owned by a non financial institution are numbered." (MilleniumAssociates offers strategic advice on M&A and other topics for the financial services sector.)

BIL is still listed as a major asset on the Legend Holdings website. "BIL is a top three bank in Luxembourg in terms of market share and is recognised as systemically important by the European Central Bank. Currently, BIL has established an international service network that connects China, Luxembourg and Switzerland," it said. 

BIL has an A- long-term rating from S&P and an A2 rating from Moody's.

Legend Holdings made no reference to the matter on its website.

The FT said in a 20 September article, based on unnamed sources, that first-round offers are expected by the end of September and bids could imply a valuation on BIL of around €2.5 billion ($2.8 billion) or higher for the group.

Legend acquired the bank in 2017 from its Qatari owners in a transaction that valued BIL at €1.6 billion. Among Legend's holdings are Lenovo, the Chinese computer manufacturer.

Established in 1856, BIL's activities span wealth management and corporate banking. The Luxembourg state retains a 10 per cent shareholding in the group. 

Reuters reported in March 2025 that Legend had appointed bankers to review options for the lender.

BIL had been previously bought by Qatar-based private equity house Precision Capital in late 2012 from Franco-Belgian bank Dexia. It became among a number of European private banks and financial firms that had ended up in Chinese hands.