The Chinese group is reportedly looking to buy a 90 per cent stake in the private banking group from its current Qatar-based owners.

China-headquartered conglomerate, which lists financial services among its business lines, is in talks about possibly investing in Qatari-owned Banque Internationale a Luxembourg, the private bank, Reuters has reported.

The news agency cited an unnamed source about the matter.

Legend, which owns businesses such as computer group Lenovo Group, has been in discussions to buy around 90 per cent of the private bank from Precision Capital, an investment vehicle of Qatar royal family members including former Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani, the news service said.

This publication has contacted BIL for comment and had not received a reply at the time of going to press; it was unable to reach Legend for comment outside of business hours. Reuters, meanwhile, said Legend and BIL declined to comment.

Reuters said that sources say BIL is worth a price of between $1.14 billion and $1.71 billion.

Banque Internationale a Luxembourg has made a number of structural changes in recent years, such as shuttering its Singapore office over a year ago, citing inability to build sufficient scale in that market even though it was growing.

The report noted that chinese companies have become increasingly interested in European banks, part of a general desire to expand overseas investments and diversify. In May, China's HNA became the largest direct shareholder in Deutsche Bank, while Fosun holds a 24 pct stake in Portugal's largest listed bank Millennium BCP. Fosun also bought venerable German private bank Hauck & Aufhaeuser Privatbankiers in 2015, although in that same year it lost a tussle to acquire BHF Kleinwort Benson, as that business was called at the time.

Reuters added that the deal for BIL will be finalised in the "coming weeks". The remaining 10 per cent of BIL is owned by the Luxembourg government, and Legend is not seeking to buy that stake.