BIL is up for sale. In an article published on Sunday, the Financial Times confirmed rumours that the long-established Luxembourg bank will be sold once again by its current Chinese owner, Legend Holdings, after nearly a decade.
Back in 2017, BIL was seen as a long-term, strategic investment in the Luxembourg market. At the time, current Prime Minister Luc Frieden was serving as chairman of BIL's board of directors.
According to the Financial Times, the price is put at $2.5 billion, or around €2.2 billion. Almost ten years ago, Legend Holdings had paid €1.48 billion for a 90% stake, with the Luxembourg state holding the remaining 10%.
