Legend Holdings, a Hong Kong-listed investment group, has agreed to acquire a stake of 89.93% in Banque Internationale a Luxembourg (BIL) for €1.48bn ($1.75bn).

The stake was bought from Precision Capital, which serves as the investment vehicle for Qatar’s royal family members. The Grand Duchy of Luxembourg will hold BIL’s the remaining 9.99% stake.

The management of BIL will be retained following the takeover, with Luc Frieden continuing as chairman and Hugues Delcourt as CEO.

Legend also said that it will further invest in the development of the BIL brand and in BIL’s people.

The deal is expected to be completed in the first quarter of 2018, subject to shareholder and regulatory approvals.

Legend founder and chairman Liu Chuanzhi said: “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.

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BIL, set up in 1856, offers retail, private and corporate banking operations through financial centres in Luxembourg, Switzerland, Denmark, Middle East, and Sweden. The banking group currently has a workforce of over 2,000.