CITIGROUP says Legend Holdings (03396.HK) is reportedly seeking to sell about 90% of Luxembourg private bank Banque Internationale à Luxembourg (BIL), a unit Citi estimates represents roughly 9% of Legend’s NAV. Reported preliminary bids, due around end-September, imply a 100% BIL value of at least €2.5bn (~HKD22.5bn), about 3% above Citi’s latest valuation of ~HKD21.8bn (0.9x book at end-1H2026). BIL has been a stable profit contributor, but Citi expects its share of Legend’s net profit to fall

CITIGROUP says Legend Holdings (03396.HK) is reportedly seeking to sell about 90% of Luxembourg private bank Banque Internationale à Luxembourg (BIL), a unit Citi estimates represents roughly 9% of Legend’s NAV. Reported preliminary bids, due around end-September, imply a 100% BIL value of at least €2.5bn (~HKD22.5bn), about 3% above Citi’s latest valuation of ~HKD21.8bn (0.9x book at end-1H2026). BIL has been a stable profit contributor, but Citi expects its share of Legend’s net profit to fall to 10–13% in FY2027–28 as Lenovo Group (00992.HK) drives stronger earnings growth. Citi views a BIL sale as a step toward divesting non-core assets and refocusing Legend as a tech holding; if executed, Citi estimates it could cut Legend’s NAV discount by as much as ~75%. Citi maintains a Buy rating on Legend Holdings.