The Chinese investment group that owns Luxembourg's oldest private bank has launched a sale of the lender nearly a decade after its purchase. Legend Holdings, which is also the major backer of computer group Lenovo, is working with Goldman Sachs to sell its 90 per cent stake in Banque Internationale à Luxembourg. Initial bids are due around the end of this month and could value the group at roughly €2.5bn or more, according to people familiar with the matter.

The group is receiving preliminary interest for the bank — known as BIL — from European and Middle East institutions, the people said, cautioning that discussions were at early stages. Some bidders may only be interested in parts of BIL, and there is no certainty of a deal, the people said.

Legend Holdings, which is listed in Hong Kong, acquired the bank from its Qatari owners in 2017 in a deal that valued the group at €1.6bn. BIL had been owned by the investment firm Precision Capital, which represented members of the Qatari royal family. Founded in 1856, BIL provides services ranging from wealth management to corporate banking. The Luxembourg government holds a 10 per cent stake in the group. BIL's assets under management totalled about €50bn at the end of 2025, up 7 per cent from a year before, while the bank reported net profits of €210mn, rising 24 per cent.

Some Chinese investors have sold out of European financial institutions, such as Fosun, which disposed of its stake in Belgian insurer Ageas in 2024, and Geely, which sold its stake in Denmark's Saxo Bank to J Safra Sarasin last year. BIL could be attractive for banks looking to bulk up in areas such as wealth management. European banks have stepped up dealmaking in recent years, boosted by stronger profits and balance sheets that have encouraged lenders to seek greater scale.