Private equity firm CVC is considering an investment in Belgian state-owned bank Belfius, according to Reuters sources, according to Reuters sources.
The Belgian government is said to be preparing to offload between 20% and 30% of its holding as it looks to generate billions of euros to support defence funding.
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Sources revealed that CVC is among those expressing interest, and other parties such as banks, institutional investors, and sovereign wealth funds may also be contenders for a stake in Belfius.
Based on projected net profit of €1.16bn ($1.3bn) in 2025, one source suggested the bank could be valued at roughly €10bn.
Belfius was created after the Belgian government acquired Dexia’s local banking operations for €4bn during the financial crisis in 2011.
When approached by Reuters, representatives for CVC, Belfius, and the Belgian government declined to provide comment.
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By GlobalDataLazard is advising the government on its strategic options for Belfius, which could include an initial public offering at a future date.
The Belgian government has pledged to raise defence expenditure to 2% of GDP by 2029, in line with existing NATO requirements. At present, Belgium allocates about 1.3% of its GDP to defence, a figure that has not previously reached the 2% threshold.
In June, NATO member states agreed to target a further increase, aiming for total defence spending to reach 5% of GDP by 2035.
Lazard did not respond to requests for comment.
At an estimated valuation of approximately €10bn, Belfius’ book value would stand at 0.8 times its shareholder equity of €12.5bn euros as of December 2025.
