The CEO of the Banque Internationale à Luxembourg (Bil) is familiar with the bank’s figures, strategy and plans. On the future of its shareholding structure, Jeffrey Dentzer insists he knows no more than outside observers. Internally, according to several sources, the man – who has remained very tight-lipped on the subject for the past 18 months – has asked his staff to treat the idea of a sale as a rumour.

“I am not Legend Holdings and I do not represent Legend. I am the CEO of the bank,” he replied on Thursday 1 October, during the opening of Kyndryl’s artificial intelligence (AI) laboratory in Bertrange. Jeffrey Dentzer has been at the helm of Bil since 1 May 2024.

A journalist asked him whether the announced sale of Legend Holdings’ stake could jeopardise the projects underway with Kyndryl. The Chinese group holds 90% of Bil’s share capital, with the remaining 10% owned by the Luxembourg government. “I am paid to implement the strategy that was decided in 2024,” continued Jeffrey Dentzer. The technology partnership with Kyndryl is, in his view, an integral part of this strategy. “That is what we are implementing today and what I am focusing on.”

I’m not involved in the process, if indeed there is one.

Jeffrey Dentzer, CEO, Bil

When asked directly about whether a sale was taking place, the CEO replied: “I don’t know, because I can’t afford to buy it. So I’m not involved in the process, if indeed there is one,” he replied with a quip, half-annoyed, half-amused.

The response neither confirms nor denies the reports published on 20 September by the Financial Times. According to the British newspaper, Legend Holdings is reportedly working with Goldman Sachs on the sale of its 90% stake in Bil. Initial bids were expected by the end of September, and the deal could value the bank at €2.5bn or more. However, discussions remained at a preliminary stage and no transaction was guaranteed.

This speculation did not first emerge in September. Back in March 2025, Reuters had already reported that Legend Holdings was exploring several options with Goldman Sachs, including a sale of its stake. The Bil and the investment bank had declined to comment, whilst Legend Holdings had not responded.

Legend Holdings has not included the bank amongst the assets for sale

When contacted by Paperjam, Legend Holdings did not respond to our questions either. This lack of comment leaves the Chinese group in sole control of its communications regarding any potential process. Its financial reports do not provide any confirmation of the sale. A review of Legend Holdings’ annual and half-yearly reports reveals no announcement listing Bil amongst the assets intended for disposal, as the Chinese group usually does.

The 2026 half-yearly report, published on 22 September, continues, on the contrary, to present Bil as one of the group’s four operational divisions, alongside Lenovo, Levima Group and Joyvio Group. As at 30 June 2026, Legend Holdings no longer recorded any amounts under the accounting heading for assets classified as held for sale. The same account showed RMB332m at the end of June 2025, without attributing this amount to Bil.

In the same report, Legend Holdings provides further details of the bank’s half-year results: €359m in revenue, €90m in net profit and €50.3bn in assets under management as at 30 June. The group also highlights the increase in deposits and loans, as well as Bil’s investments in its technological infrastructure.

A sale process may remain confidential until a formal announcement is made. The fact that Bil is not included amongst the assets earmarked for sale therefore does not refute the Financial Times’ report. It does, however, confirm that, as at 22 September, Legend Holdings was still presenting the bank as an operational business and had not publicly announced any decision to sell it.