Clifford Chance has advised Precision Capital on the sale of its 89.936% stake in Banque Internationale a Luxembourg (BIL) to Beyond Leap Limited, a wholly owned subsidiary of Hong Kong-listed investment group Legend Holdings Corp. The transaction is expected to close in the first quarter of 2018 and is subject to approval from the European Central Bank, the Commission de Surveillance du Secteur Financier and other relevant regulatory authorities. It also remains subject to Legend Holdings shareholder approval. The Grand Duchy of Luxembourg will retain its 9.993% ownership of BIL.

Founded in 1856, BIL is a leading universal banking group headquartered in Luxembourg. Employing more than 2,000 people, BIL is present in the financial centers of Luxembourg, Switzerland, Denmark, Sweden and the Middle East. Precision Capital, along with the Luxembourg Government, acquired BIL in 2012. Since 2012, operating revenue has grown by 20% to EUR 505 million, while operating profit has risen 57% to EUR 124 million.

Precision Capital is a Luxembourg-based financial holding company representing the private interests of members of a prominent family in Qatar.

Legend Holdings is a leading diversified investment group in China. Its strategic investments focus on financial services, innovative consumer services, agriculture and food, and IT. As of 31 December 2016, the company had assets of EUR 43.92 billion, annual revenues in excess of EUR 40 billion and close to 70,000 employees worldwide.

The Clifford Chance team was led by partner Christian Kremer (Corporate, Luxembourg) and comprised partners Dr. Thomas Krecek (Corporate, Frankfurt) and Gregory Crookes, counsel Line Poliquin and associate Pieter Leefers (all Corporate, Amsterdam).