Who are the new Chinese owners of BIL?

The Chinese investment group Legend Holdings announced on Friday it would buy a 90% stake in Banque Internationale à Luxembourg (BIL), worth €1.48bn, from an investment vehicle owned by the Qatari royal family. 

But who are the Chinese buyers?

Legend Holdings began life during the 1980s home computing boom. It was founded in 1984 by Liu Chuanzhi and 10 other researchers with funding from the Computing Institute of the Chinese Academy of Sciences, according to its website, and is most well-known for its international PC brand Lenovo.

Is it still a computing group?

Legend remains the largest shareholder in Lenovo, which grew out of the original 1980s business - but Legend itself has become a large diversified investment group in China.

It was listed on the Hong Kong stock exchange in 2015 and has a total market cap of 43.8 billion Hong Kong dollars (€4.7 billion), according to Reuters data.

Who are its main shareholders?

Chinese Academy of Sciences Holdings, Beijing Lian Chi Zhi Yuan Management Consulting Center, China Oceanwide Holdings, and the management and staff of Legend Holdings Corporation.

And who runs the company now?

The 72-year-old founder Liu Chuanzhi is still chairman of Legend, while Zhu Linan is executive director and president.

What are its other investments in China?

It owns stakes in China's largest car rental chain CAR Inc, the largest private dental chain in China Bybo Dentak Group, and Chinese financial services company Lakala, among others.

Has it ever made an overseas acquisition before?

Back in 2005, Lenovo made the eye-catching takeover of IBM's personal PC business as it sought to expand overseas. More recently, Legend took a 90% stake in Australian KB Seafoods in 2016.

Computers, banking... and fish?

Yes, in its latest results for year-end 2016, the company said it was focusing on strategic investments in “financial services, innovative consumption and services, and agriculture and food”.

What about in Europe?

Last year, it also bought a minority stake in UK bulk annuity company Pension Insurance Corporation for £110m.

Has it owned a bank before?

No - it owns a stake in Hankou Bank, but it is not a majority shareholder.

 (Hannah Brenton, hannah.brenton@wort.lu, +352 49 93 728)