Georges-Louis Bouchez, the president of the Reformist Movement (MR), has told La Libre that he opposes the immediate sale of the Belgian state’s shares in Belfius Bank.
On Thursday, L’Echo and De Tijd reported that the government is considering the sale of 20–30% of Belfius Bank, which is fully owned by the state. Such a sale could generate an immediate €3 billion.
MR, the main Francophone partner in the federal coalition, opposes this idea. Bouchez advocates for the creation of a unified financial group by merging Belfius with the insurer Ethias, aiming to establish a major “bancassurer” entity.
“Selling Belfius now makes no sense—neither in terms of its current market value nor its size as a company,” Bouchez argued. “A large bancassurer would be significantly more valuable in the long run. It would also serve as a strategic industrial asset for the country, while maintaining high dividend levels for the state by keeping Belfius entirely in public ownership.”
Ethias is jointly owned by the Belgian federal government via the Federal Participation and Investment Company (FPIM), as well as the Flanders and Wallonia regions (each holding 31.66%), and the EthiasCo holding (5%), in which municipalities are stakeholders.
Meanwhile, Belfius favours the partial sale of 20% of its shares to private investors, as stated by its CEO Marc Raisière last Friday during the company’s annual results presentation.
For years, Belfius has been advocating partial privatisation and continues to do so. “This has been the management’s position since 2016,” said Raisière. “It’s not healthy for a regulator to also be the 100% shareholder of a commercial company.”
The federal government had previously explored a stock market flotation for Belfius in 2018, but those plans were shelved. Now, the government of Prime Minister Bart De Wever is considering divesting stakes in various holdings to finance a defence fund, with a meeting planned to discuss Belfius’s potential privatisation.
Belfius suggests selling 20% of its capital via a private placement rather than a stock market listing to attract investors who can support its banking, insurance, and asset management activities, as well as its technological advancements. “This would be a good first step,” Raisière noted, while reiterating that the final decision lies with the government.
The possibility of bringing in international investors is not ruled out and aligns with Belfius’s growth strategy, which may include expanding beyond Belgium by 2030. “This has always been part of our roadmap,” said Olivier Onclin, the company’s deputy CEO and Raisière’s potential successor.
However, Raisière made it clear that a foreign bancassurer would not be considered as a partner. While not revealing specifics, he assured that Belfius would maintain strong local roots.
He also emphasised that selling 20% of the shares might not negatively impact dividends paid to the state. “Being 100% state-owned restricts our dividend policy,” he explained, adding that the European Central Bank does not allow profit redistribution rates exceeding 40%. “With a partial sale, dividends could rise to 50%, potentially compensating for the state’s reduced stake.”
For 2024, Belfius’s dividend contribution to the Belgian treasury stands at €445 million. Since its formation in 2011, following the dismantling of Dexia, the bank-insurer has paid nearly €3 billion to the state, based on an initial €4 billion capital injection. “Our group’s equity now exceeds €12.2 billion,” Raisière said.
