China’s Legend buys 90% stake in Luxembourg bank:
"Legend Holdings is buying a 90 per cent stake in Banque Internationale a Luxembourg from its Qatari owners, Precision Capital, in a transaction bankers say is valued at over $1bn. The acquisition is the largest of takeover of a European deposit-taking institution by a Chinese company to date. Legend first made its name in 2005 when it bought IMB’s PC unit. In purchasing the European bank, the investment group is taking advantage of a vacuum that has been left as other Chinese acquirers are barred from further purchases at Beijing’s behest. As a well-connected, state-backed group, it is likely to get Beijing’s official support for the purchase."
'via Blog this'
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