Lux financial group BIL sells Danish business
Danish financial group Ringkjøbing Landbobank has received been granted approval from local market watchdog FSA to take over all private banking and wealth management customers of the Danish branch of Banque Internationale à Luxembourg, BIL Danmark.
The transaction will come into effect on 1 July 2021. It includes DKK1.2bn (€0.2bn) in loans, DKK 0.9bn (€0.1bn) in deposits and DKK 6bn (€0.8bn) in assets under management and custody from around 500 households and companies. Customers will be transferred during Q3 2021.
In addition, nine employees will join Ringkjøbing Landbobank from BIL Danmark. In a joint message posted on BIL Danmark's website, CEO Christian Sand Kirk and wealth management head Lasse Henriksen said BIL Group is refocusing on core activities as a Luxembourg bank.