Credit: BIL
Banque Internationale à Luxembourg (BIL) recently announced its intention to sell its 13% stake in Luxair, the flag carrier airline of Luxembourg.
Luc Frieden, Chairman of the Board of Directors of BIL, announced the news on Friday 8 April 2022.
Luxair CEO Gilles Feith later said in an interview that the news had come as a surprise to him.
In an official statement released on Monday 11 April 2022, BIL explained: "The development of the national economy is at the heart of our activity, and we are actively supporting Luxair at a time when the airline industry is in a particularly difficult situation. BIL, represented by CEO Marcel Leyers, is an active shareholder in guiding Luxair during challenging times".
The statement continued: "That being said, the bank regularly evaluates its investments and stakes, and air transport is not one of our strategic activities. That is why a sale is being considered, but no decision is taken. Such a sale could only take place if a reliable and solid partner were found, in agreement and alignment with the other shareholders".
In 2021, BIL Group reported a net income after tax of €135 million, a 34% increase compared with 2020.
