Finance Minister Jan Jambon opted for a private sale over an IPO, citing market volatility, with CVC Capital Partners among the names linked to the deal
The Belgian government plans to sell a 20% stake in retail bank Belfius through a private placement worth approximately €2 billion, Finance Minister Jan Jambon told a parliamentary committee.
Jambon said an IPO would be a longer, more complex process and more exposed to market conditions during a period of volatility. “The goal is to attract a private investor with the necessary experience who can actively contribute to Belfius’s strategy and business plan,” he said. Financial markets currently value the bank at around €10 billion.
The sale process began in late 2025 as Belgium looks to reduce debt while increasing defence spending. Belfius was created in 2011 when the Belgian state bought the country’s Dexia banking arm for €4 billion in the aftermath of the financial crisis. Jambon said the state’s investment has already returned a profit through dividends, with Belfius paying out €1.5 billion over the past two years alone.
Amsterdam-listed private equity firm CVC Capital Partners was reported in March to be considering a bid for the stake. Jambon said CVC’s interest was “a good thing,” though he had not had direct contact with the firm. Neither CVC nor Belfius immediately responded to requests for comment.