The Belgian federal government has instructed state-owned bank Belfius to prepare for a partial privatization, according to CEO Marc Raisière.
De Tijd reports this.
The directive came from Finance Minister Jan Jambon (N-VA), who asked the SFPIM, the state’s investment arm, to initiate steps toward opening Belfius’ capital to external investors.
The move comes after months of speculation about a government exit from Belfius, which was nationalized in 2011 during the Dexia crisis.
With a current book value of 12.4 billion euros, the bank has already paid nearly 3.5 billion euros in dividends to the state. A partial sale – potentially 20 percent to 30 percent of the shares – could provide significant funds to finance Belgium’s defense spending plans.
While no decision has been made on the exact exit strategy, Belfius’ board supports bringing in a new investor to strengthen its international growth ambitions and improve market access.
Political divisions remain, however: MR leader Georges-Louis Bouchez has opposed an immediate sale, favoring instead a merger of Belfius with insurer Ethias, another state-owned entity.
Belfius reported a stable net profit of 476 million euros for the first half of the year, with insurance activities offsetting lower net interest income.
