National Banks | Luxembourg | Corporate Acquisition
Legend Holdings, the owner of computer giant Lenovo, has agreed to acquire Banque Internationale à Luxembourg from Precision Capital for €1.6 billion. The Grand Duchy of Luxembourg will retain a near 10% stake in the lender, which had annual revenues of €505 million last year and almost €38 billion in assets under management. Legend's move comes at a time of heightened scrutiny of Chinese foreign takeovers, both from international governments as well as Beijing. Precision and the Duchy acquired BIL in 2012.