On Sept. 2, a Chinese company became the commencement to larn a foothold into Europe's commercial banking organization yesteryear purchasing a 90% stake inwards Luxembourg's Banque Internationale a Grand Duchy of Luxembourg (BIL). This purchase becomes the largest takeover of a European deposit bank, as well as opens the door for an fifty-fifty greater Western presence yesteryear the world's largest banking country.
China's Legend Holdings struck a bargain on Fri to purchase a ninety pct stake inwards Banque Internationale a Grand Duchy of Luxembourg (BIL) for 1.48 billion euros ($1.76 billion) inwards the biggest takeover of a European deposit-taking banking concern yesteryear a Chinese delineate of piece of occupation solid then far.
Legend, best known every mo possessor of calculator grouping Lenovo Group Ltd, is acquiring 161-year-old BIL from Precision Capital, an investment vehicle of members of Qatar's majestic family, including quondam Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani.
Legend's biggest overseas acquisition is beingness made through its Hong Kong subsidiary, Beyond Leap Limited, the companionship said. Reuters commencement reported inwards July that Legend was inwards talks alongside Precision on a potential acquisition of BIL.
Chinese companies get got snuff it increasingly interested inwards European banks despite the sector's depression profitability.
In May, China's HNA became the largest straight shareholder inwards Deutsche Bank, piece Fosun holds a 24 pct stake inwards Portugal's largest listed banking concern Millennium BCP. - Nikkei Asia
