Banque Internationale à Luxembourg

Banque Internationale à Luxembourg S.A. (BIL) is the oldest private bank in Luxembourg.[1] It offers commercial and corporate banking services.

Banque internationale à Luxembourg
TypePrivate
IndustryBanking
FoundedApril 3, 1910 (1910-04-03)
Headquarters
Luxembourg
ProductsCorporate banking
Commercial banking
OwnerLegend Holdings (89.936%)
Luxembourg government (9.993%)

The Bank provides services including investment management and private banking services, mortgage loans, mutual funds management, and credit card sponsorship. BIL lends to major multi-nationals from around the world and underwrites Eurobonds and domestic bond issues.

History

Founded in 1856, the bank was a major bank of Luxembourg.

In 1982, the BIL opened a subsidiary in Singapore.[2] The BIL was acquired by Dexia in 1999.[3]

In 2012 Dexia sold BIL for €730 million to Precision Capital,[4] which also owned KBL European Private Bankers. In 2015, the BIL closed its Singapore subsidiary.[2]

In 2017, Legend Holdings announced it was acquiring a 90% stake in the bank from Precision Capital for €1.484 billion.[5][6] In July 2018, the procedure was approved by the Luxembourg regulator (CSSF) and the European Central Bank.[7][8]

In August 2020, the CSSF fined the BIL €4.6 million for failings in applying anti-money laundering policies.[9] In 2020, the bank reported a decrease of 10% of its annual results.[10]

See also

References
  1. "A Chinese carmaker agrees to buy a Danish investment bank". The Economist. 5 October 2017.
  2. "BIL To Close Its Office in Singapore as Part of a New Strategic Framework". www.businesswire.com. 2015-05-13. Retrieved 2021-05-17.
  3. Sébastien Buron (11 January 2007). "Manager de l'Année" (PDF). Levif.be (in French). Retrieved 12 September 2017.
  4. "Closing of the sale of Banque Internationale à Luxembourg" (PDF). Dexia. 5 October 2012. Retrieved 13 April 2016.
  5. "Legend Holdings to acquire Precision Capital's stake in Banque Internationale à Luxembourg" (Press release). Banque Internationale à Luxembourg. 1 September 2017. Retrieved 3 September 2017.
  6. "Major Transaction Acquisition of 89.936% Issued Share Capital in Banque Internationale a Luxembourg S.A." (PDF) (Press release). Legend Holdings. 1 September 2017. Retrieved 3 September 2017.
  7. "Legend Holding gets regulatory green light for BIL purchase". luxtimes.lu. Retrieved 2018-12-11.
  8. "Purchase complete: Legend Holdings acquires BIL - Delano - Luxembourg in English". Delano (in French). 2018-07-02. Retrieved 2018-12-11.
  9. "CSSF issues BIL with hefty fine - Delano - Luxembourg in English". Delano. 2020-08-10. Retrieved 2021-05-17.
  10. "La BIL présente des bénéfices 2020 en berne". Luxemburger Wort - Edition francophone (in French). 2021-04-29. Retrieved 2021-05-17.
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