The Belgian government has announced plans to sell a 20 percent stake in Belfius, the country’s retail banking group, through a private placement valued at approximately 2 billion euros.
Finance Minister Jan Jambon told a parliamentary committee that a private sale was preferred over an IPO due to current market instability and volatility.
“A listing is a longer and more complex process, highly dependent on market conditions”, Jambon stated, emphasizing the need for a strategic investor who can actively contribute to Belfius’s business plan and long-term strategy.
The government initiated the divestment process in late 2025 to reduce national debt and boost defense spending. Belfius, originally acquired by the state in 2011 for 4 billion euros following the financial crisis, has already delivered strong returns, with 1.5 billion euros in dividends paid out over the past two years alone. The bank is currently valued at around 10 billion euros by financial markets.
Reports from March suggested that Amsterdam-listed private equity firm CVC was considering a bid for the stake. Jambon called CVC’s interest a “positive development”, though he noted no direct discussions have taken place yet. Neither CVC nor Belfius have publicly commented on the matter.
