The Belgian government is reportedly set to sell a 20% stake in retail lender Belfius through a private placement.
Finance Minister Jan Jambon confirmed the development before a parliamentary committee, with a bid valued at around 2 billion euros ($2.3 billion), Reuters reported.
“An IPO is a longer process that is also more complex and even more dependent on market conditions, certainly in a period of market instability and volatility, such as the period we are in today,” Jambon told members of the lower house.
“The objective is to attract a private investor with the necessary experience who can actively contribute to Belfius’ strategy and business plan,” he added.
Jambon said financial markets were valuing the bank at approximately 10 billion euros.
The sale process began in late 2025, as the government seeks to reduce debt while increasing defense spending.
Belfius was formed after the Belgian state bought Dexia’s national banking business for €4 billion in 2011 during the financial crisis.
According to Jambon, the State has already obtained positive benefits thanks to the dividends received since the purchase. He said Belfius distributed 1.5 billion euros in the last two years alone.
Reuters reported in March that Amsterdam-listed private equity fund CVC is considering buying the stake.
Jambon said CVC’s interest was “a good thing,” although he had not been in direct contact with the company.
CVC and Belfius did not immediately respond to requests for comment.
“Belgium to divest 20% stake in Belfius bank” was originally created and published by Retail Banker International, a brand owned by GlobalData.
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