Belgium’s government is reportedly set to dispose of a 20% holding in retail lender Belfius through a private placement.
Finance Minister Jan Jambon confirmed the development before a parliamentary committee, with the offering valued at around €2bn ($2.3bn), reported Reuters.
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“An IPO is a longer process that is, moreover, more complex and even more dependent on market conditions, certainly in a period of market instability and volatility, such as the period we find ourselves in today,” Jambon told members of the lower house.
“The goal is to attract a private investor with the necessary experience who can actively contribute to Belfius’s strategy and business plan,” he added.
Jambon said the bank was being valued by financial markets at roughly €10bn.
The sale process started in late 2025 as the government looks to reduce debt while raising defence expenditure.
Belfius was formed after the Belgian state bought Dexia’s domestic banking business for €4bn in 2011 during the financial crisis.
According to Jambon, the state has already made a positive return through dividends received since the purchase. He said Belfius distributed €1.5bn over the past two years alone.
Reuters reported in March that Amsterdam-listed private equity fund CVC is weighing a purchase of the stake.
Jambon said CVC’s interest was a “good thing”, although he had not been in direct contact with the firm.
CVC and Belfius did not immediately reply to requests for comment.
