On 9 October 2017, Chinese company Legend Holdings Corporation notified the European Commission of its plan to acquire sole control of Banque Internationale à Luxembourg (“BIL”). Legend Holdings Corporation is described as a diversified holding group listed on the Hong Kong Stock Exchange with a portfolio of strategic and financial investments. BIL, the target company, is a private banking group operating in the area of retail, private and corporate banking, focusing its activities in Luxembourg.
On 31 October 2017, the European Commission cleared the acquisition under the EU Merger Regulation. Due to the limited market share of both parties in the markets concerned, the transaction was assessed under the simplified merger review procedure. The Commission concluded that there were no competition concerns, as there were no horizontal overlaps or vertical relationships between the activities of the two companies.