Belgian state-owned bank Belfius has emerged as one of the potential buyers in the renewed sale process of Dutch lender NIBC, according to reports in the Financieele Dagblad (FD). The move could mark a significant expansion step for Belfius beyond Belgium’s borders.
Current owner Blackstone, the U.S. private equity giant, is once again exploring a sale of NIBC after a first attempt to offload the bank failed in 2023. This time, Belfius is being mentioned alongside ABN AMRO and Austria’s Bawag as leading candidates to acquire the Hague-based bank.
Blackstone acquired NIBC in 2020 for 1.1 billion euros. Today, the bank is estimated to be worth between 1.4 and 1.6 billion euros. Advisors from two American investment banks have been tasked with mapping out the potential routes: either a private sale to an interested buyer such as Belfius, or a possible IPO if market conditions allow.
The renewed sales effort comes amid a strong rebound in European bank valuations. Shares of Dutch listed banks have nearly doubled in recent years, after a long period weighed down by low interest rates and costly compliance obligations related to anti-money-laundering and counter-terrorism financing.
For Belfius, an acquisition of NIBC would represent a rare cross-border deal and a chance to strengthen its position in the Benelux financial sector. The Belgian bank, which is still fully owned by the Belgian state, has been under pressure to show growth outside its home market.
NIBC, meanwhile, has slimmed down in recent years, selling off non-core businesses including its offshore energy portfolio, investment arm NIBC Investment Partners, and leasing company Beequip. These divestments may make the bank a more attractive target for Belfius and other bidders.
Whether Belfius will make a formal move remains to be seen, but its name at the center of this process signals Belgium’s growing presence in the regional banking consolidation story.
