| BIL EXHIBITION: Laura Mannelli: The Promises of Monsters | https://www.bil.com/en/bil-group/pressroom/news/Pages/BIL-EXHIBITION-Laura-Mannelli-The-Promises-of-Monsters.aspx | BIL EXHIBITION: Laura Mannelli: The Promises of Monsters | | <p>Laura Mannelli, who graduated from the École nationale supérieure d’architecture Paris-Malaquais, has been developing a concept based on virtual realities and their new paradigms for several years now, using digital art as a field of research. Based on an immersive world inspired by Dante’s Divine Comedy, <em>The Promises of Monsters</em> blends elements of plastic arts, video games, new forms of narrative and architecture. Although the digital arts is still a largely unknown art form for most, this exhibition will give visitors a glimpse of the infinite creative possibilities it provides.</p>
<p>For BIL, this exhibition is a perfect example of its commitment to promoting the national art and culture scene as well as innovation. The bank hosts regular exhibitions to display the works of local artists and collectors, but doesn’t intend to stop there: in February 2017 it launched the Indépendance grant together with its partners, the Fonds culturel national and the Fondation Indépendance. The aim of this grant is to support the creative process behind innovative works in the area of digital arts and new technologies. And with Laura Mannelli’s <em>The Promises of Monsters</em>, it’s mission accomplished!</p>
<p>Art enthusiasts and players in the world of digital innovation will have the chance to immerse themselves in this virtual universe from 20 October 2017 to 2 February 2018 at BIL’s Galerie Indépendance.</p>
| 10/19/2017 2:00:00 PM | | |
| Legend Holdings to acquire Precision Capital's stake in Banque Internationale à Luxembourg | https://www.bil.com/en/bil-group/pressroom/news/Pages/legend-holdings-to-acquire-precision-capital-stake-in-bil.aspx | Legend Holdings to acquire Precision Capital's stake in Banque Internationale à Luxembourg | |
<p>Legend Holdings Corp., a Hong Kong-listed diversified investment group, announced today the signing of an agreement with Precision Capital, a Luxembourg-based financial holding company, for the acquisition of Precision Capital’s 89.936% stake in Banque Internationale à Luxembourg (BIL), a leading universal banking group headquartered in Luxembourg.</p>
<p>The proposed transaction remains subject to ECB/CSSF approval and that of other regulatory authorities. It also remains subject to Legend Holdings shareholder approval. The Grand Duchy of Luxembourg will retain its 9.993% ownership of BIL. </p>
<p>Legend Holdings, founded in 1984, is a leading diversified investment group. Its strategic investments focus on several major sectors including financial services, innovative consumer services, agriculture and food, and IT. As at 31 December 2016, the company had assets of €43.92 billion, annual revenues in excess of €40 billion and close to 70,000 employees worldwide. Lenovo Group, one of its portfolio companies, was founded by Legend Holdings in 1984 and is now one of the world’s leading vendors of personal computers. Lenovo successfully acquired IBM’s global PC business in 2004, subsequently investing and growing the brand into a global leader. </p>
<p>The acquisition of 89.936% of BIL represents a long-term strategic investment for Legend Holdings. The company is committed to providing the financial and operational support to maintain and grow the BIL brand domestically and internationally, further enhance its customer offering and support existing management in the delivery of its strategy to achieve sustainable growth. </p>
<p>As part of the proposed transaction, Legend Holdings will: </p>
<ul class="list-check">
<li>Maintain and invest further in the development of the BIL brand, in Luxembourg, Europe and internationally </li>
<li>Invest in BIL’s people, support employment and provide international career opportunities</li>
<li>Retain the current governance and management of the bank: Luc Frieden will remain BIL Chairman, while Hugues Delcourt will remain CEO </li>
</ul>
<p>Precision Capital, along with the Grand Duchy of Luxembourg, acquired BIL in 2012 at a time when the previous shareholder faced significant financial stress. Precision Capital and BIL have since overseen a turnaround of the bank following an in-depth strategic review, having made significant investments in the bank and its brand. </p>
<p>Since 2012, the management team has grown operating revenue by 20% to €505 million in 2016, while operating profit has risen 57% to €124 million. Over the same period, total assets have increased to €23 billion, total loans to customers are up by 27% to €12.2 billion and assets under management have grown by 30% to €37.7 billion. The bank’s capital strength has been bolstered over this time, reaching a Common Equity Tier-1 ratio of 13.4% at end 2016 – up from 10% in 2012. </p>
<p><b>Commenting on the announcement, Liu Chuanzhi, Founder and Chairman of Legend Holdings, said: </b> <em>“This is an important and exciting strategic investment for Legend. Financial services is one of Legend Holdings’ key target industries. BIL’s asset scale, revenue and profit growth potential, and its business stability meet Legend’s pillar assets criteria. It affirms Legend’s target of investing in pillar assets. </em> </p>
<p> <em> “Legend Holdings has accumulated extensive experience in the financial services industry, and has achieved a solid performance in the sector over the past years. BIL is a well-run and respected universal banking group with strong roots in Luxembourg’s history. We aim to preserve and enhance this status, supporting the bank and its existing management team in growing BIL from a national champion to a Luxembourg-based, international banking brand. We believe that as a long-term strategic shareholder, Legend can add value to the international business development opportunities and application of financial technology of the bank, and realize our mission of building great companies. </em> </p>
<p> <em> “We would like to thank Precision Capital, the Luxembourg State and the BIL management team for their support. We look forward to working closely with Luxembourg State and the bank in the years ahead.” </em> </p>
<p><b>Luc Frieden, Chairman of BIL, said: </b><em>"Thanks to strategic measures taken since 2012 – with the support of Precision Capital, the Luxembourg State, our employees and our clients – BIL has successfully regained its status as a leading Luxembourg financial institution. </em></p>
<p><em>“We welcome our new shareholder, who has a proven track record of successful investment in a range of companies and have demonstrated great sensitivity to what makes BIL unique. We look forward to working with the Legend Holdings team to build on BIL’s tradition of excellence that dates back to 1856 as a strong, stable and innovative Luxembourg universal bank. While clients and staff will experience full continuity, we will also have an opportunity to further strengthen BIL's exceptional place in the Luxembourg economy, while enhancing its European and international ambitions. </em></p>
<p><em> I am proud to chair this great Luxembourg bank as we prepare to write the next chapter in BIL’s success story,” </em> Frieden added. </p>
<p><b>George Nasra, CEO of Precision Capital, said: </b><em>“BIL has made tremendous progress in the past five years. The business is in great shape and boasts an exceptionally strong brand, supported by an experienced management team and over 2,000 committed employees in Luxembourg and abroad. Legend Holdings is the right partner for BIL as it moves into its next phase of its sustained growth and expansion.” </em> </p>
<p>Nasra noted that Precision Capital’s only other investment – its 99.9% ownership of KBL European Private Bankers (KBL epb), a pan-European private banking group headquartered in Luxembourg – will not be impacted by the agreement with Legend Holdings. <em> “We remain committed to supporting the long-term stability and growth of KBL epb,” </em> Nasra concluded. </p>
<p>The proposed transaction is expected to close in the first quarter of 2018, subject to approval from the European Central Bank, the Commission de Surveillance du Secteur Financier and other relevant regulatory authorities. The acquisition entity is Beyond Leap Limited, a wholly owned subsidiary of Legend Holdings incorporated in Hong Kong. </p>
| 9/1/2017 1:00:00 PM | | |
| BIL supports The Office, a co-working space in Luxembourg | https://www.bil.com/en/bil-group/pressroom/news/Pages/bil-supports-the-office-a-co-working-space-in-luxembourg.aspx | BIL supports The Office, a co-working space in Luxembourg | | <p>A keen actor in the development of the Luxembourg start-up ecosystem, BIL has decided to support The Office, a new start-up office space in the heart of Luxembourg City. Opened in November 2016, The Office offers co-working places in several different spaces within a rejuvenated industrial building. Entrepreneurs can also make use of meeting rooms, break areas and a café. The layout of the premises, added to regular events encourage interaction between entrepreneurs and help create a true The Office spirit!</p>
<p>‘’<i>We have founded The Office to create a true co-working space in the city center, supporting start-ups and newly founded innovators with a creative and unconventional office infrastructure. The Office is a start-up itself, thus BIL's support came in the perfect moment to complete pending works and to further get our offering to the market. We appreciate BIL as a true partner inspiring to further develop our path of bringing a new wave of entrepreneurship to the Grand-Duchy</i>”, said Gosia Kramer, Managing partner of The Office. </p>
<p>Pierre-Olivier Rotheval, Head of Innovation and Marketing at BIL added: “<i>We keep an eye on all the initiatives likely to contribute to the development of the start-up ecosystem in Luxembourg, in order to build a Start-up Nation. We were impressed by The Office, which provides entrepreneurs with flexible workspace solutions</i>”.</p>
<p>Through this partnership, the bank will be able to help the start-ups it works with to find a workspace. This partnership with The Office is part of a concerted effort to promote innovation and entrepreneurship in Luxembourg. BIL is already a partner of the country’s main incubators and supports many start-ups. Its BIL Start support service gives start-up entrepreneurs access to the various financing programmes in which the bank participates. BIL is a stakeholder in the Digital Tech Fund, launched by the Ministry of the Economy in 2016. In July 2015, BIL became the first Luxembourg bank to sign the InnovFin guarantee agreement for innovative SMEs as part of the European Fund for Strategic Investments (EFSI). Besides these financing solutions, the bank will be able to enhance its range of services by providing workspaces at The Office.</p>
| 8/8/2017 9:00:00 AM | | |
