Mergers: Commission clears acquisition of Banque Internationale à Luxembourg by Legend Holdings Corporation

The European Commission has approved, under the EU Merger Regulation, the acquisition of Banque Internationale à Luxembourg (BIL) by Legend Holdings Corporation of China. BIL is a private banking group operating in retail, private and corporate banking, mainly active in Luxembourg. Legend Holdings is a diversified investment holding group listed on the Hong Kong Stock Exchange with a portfolio of strategic and financial investments. The Commission concluded that the proposed acquisition would raise no competition concerns because there are no horizontal overlaps or vertical relationships between the activities of the two companies. The transaction was examined under the simplified merger review procedure. More information is available on the Commission's competition website, in the public case register under the case number M.8643.

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