BIL: ALEBA is keeping watch

ALEBA has noted the sale by Precision Capital of its majority stake in Banque Internationale à Luxembourg (BIL) to the Chinese company Legend Holdings Corporation, as announced by the various parties in the afternoon of Friday 1 September.

ALEBA will, of course, keep a close watch on the completion of this deal and its practical impact, notably through ALEBA Employee Representatives, the majority of whom are on the ground at BIL, and represent staff at all levels, including on the Bank’s Board of Directors.

For ALEBA, this will above all consist in ensuring that the promises concerning job protection over the next three years made last August by BIL’s Management are honoured by the new majority shareholder.

ALEBA will also ensure that the latter complies fully with Luxembourg employment law: “in a number of recent cases, we have observed that some foreign investors were acting or sought to act as it suited them, and sometimes even in a cavalier fashion, as can be the case in some Anglophone contexts. There is obviously no question of that here, and ALEBA, as the largest union for financial sector professionals, shall make sure of that”, stated Secretary General Laurent Mertz, who nevertheless welcomed Legend Holdings Corporation to the top table of the marketplace’s second largest bank in terms of employment.

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Press contact: Laurent Mertz, General Secretary , Communications Officer

[email protected] / +352 621 232 295