Lenovo owner Legend Holdings Corp. has closed its purchase of a 90 percent stake in Luxembourg’s Banque Internationale a Luxembourg for $1.78 billion. The deal, which closed July 2, marks another of the holding company’s move into financial services.
Legend bought its share of the bank from Precision Capital SA, a Luxembourg financial holding company that represents the private interests of a family in Qatar.
Legend said it sees potential to expand the bank’s business via loans to Chinese borrowers such as Beijing’s “Belt and Road” initiative, which encourages Chinese infrastructure companies to seek business globally.
Financial services are one of Legend’s focus areas. It has invested in Hankou Bank and electronic payments firm Lakala. Technology still accounts for 95 percent of its revenue, however.
