Banque International Luxembourg - BIL

In 1856, as Luxembourg sought to solidify its economic independence, Banque Internationale à Luxembourg (BIL) was established. Founded with the involvement of financiers like Gustav Mevissen and Abraham Oppenheim, its mission was to finance the development of railways and the steel industry. The bank was one of the first in the country and even issued its own banknotes, a right it held until the introduction of the euro. Its creation marked a pivotal step in the industrialization of the Grand Duchy. Throughout the 20th century, BIL played a key role in the nation's economy, helping to found the Luxembourg Stock Exchange in 1929 and taking strategic stakes in companies that would become staples like RTL Group and Luxair. The bank's journey saw it navigate through various ownership structures, reflecting the consolidation in the European banking sector. In 1999, it was taken over by Dexia group. A significant turning point came in 2012 when, in the wake of the financial crisis, Dexia sold its majority stake in BIL to Precision Capital, a Qatari investment fund, with the State of Luxembourg also taking a stake. Then, in 2017, China-based Legend Holdings announced it would acquire the majority stake from Precision Capital for approximately €1.5 billion, the largest takeover of a European deposit-taking bank by a Chinese company at the time. This transaction was completed in 2018, with Legend Holdings committed to growing the BIL brand internationally while maintaining its strong Luxembourgish roots.