Rabobank, ING, Credit Agricole eye Belfius stake, media reports say
Overview of Belfius Stake Sale and Interested Parties
Background and Sale Details
BRUSSELS, June 12 (Reuters) - Rabobank, ING and Credit Agricole are all interested in buying a stake in Belgium's state-owned bank Belfius, as the government plans a partial sale, Belgian newspapers L'Echo and De Tijd reported on Friday, citing sources.
Government's Sale Plan
• The Belgian government plans to sell a 20% stake in Belfius via a private placement, Finance Minister Jan Jambon told parliament earlier this week, adding that financial markets value the retail bank at around €10 billion ($11.56 billion).
Eligibility and Sale Rules
• The government has yet to set out the rules for the sale, leaving it unclear whether other banks would be eligible to take part.
Investor Preferences and Bank Responses
Belfius Management's Position
• Belfius's management has previously indicated a preference for selling to one or more domestic or foreign investors rather than to another bank, De Tijd reported.
Statements from Interested Banks
ING's Growth Strategy
• Dutch lender ING said it did not comment on individual cases but said it has a "clear growth plan" to play a bigger role in the overall economies it operates in.
• "We grow in the segments we already operate in but are also actively looking to see if we can add additional segments, add scale in segments or add products or services we want to grow in," an ING spokesperson said.
Rabobank and Credit Agricole
• Both Dutch bank Rabobank and Belfius declined to comment. France's Credit Agricole did not immediately reply to a Reuters request for comment.
Historical Context and Financial Details
Timeline of the Sale
• The government began the process to sell the stake in late 2025 as it seeks to cut debt while increasing defence spending.
Creation of Belfius
• Belfius was created after the state bought the Belgian banking arm of Franco-Belgian lender Dexia in 2011 for €4 billion following the financial crisis.
Exchange Rate Information
($1 = 0.8648 euros)
Reporting Credits
(Reporting by Charlotte Van Campenhout; Editing by Joe Bavier)
