Belfius Plans Capital Opening Amid Solid Financial Performance
State-owned bank-insurer Belfius is preparing to open part of its capital to private investors, at the request of Finance minister Jan Jambon (N-VA). Chief executive Marc Raisière confirmed the move on Friday when presenting the group’s half-year results, reports 24brussels.
In the first half of 2025, Belfius recorded a net profit of 476 million euros, slightly down from the same period last year. The Belgian government currently holds 100 percent ownership of the bank, but Belfius has long advocated for a partial sale to private shareholders. “It is not healthy for a regulator to also be the sole shareholder of a commercial company,” Raisière has previously stated.
According to the CEO, the process advanced further in mid-July when the Belgian Federal Holding and Investment Company (SFPIM) — Belgium’s ‘sovereign wealth fund’ — requested that Belfius prepare for a capital opening on behalf of the finance minister. “Our teams are now working intensively on this,” said Raisière, adding that he expects a government decision before the year ends. Belfius favors selling a 20–25 percent stake through a private placement.
Selling Belfius now would make no sense
This potential capital opening has sparked political debate. Earlier this summer, Georges-Louis Bouchez, leader of the liberal MR party, suggested that Belfius should first merge with insurer Ethias. “Selling Belfius now would make no sense, either in terms of its stock market value or its current size. In the long term, a large bank-insurer will be much more valuable. It would also provide the country with a strategic industrial tool while ensuring the state receives a high dividend,” Bouchez stated in July.
In response, Raisière emphasized that both scenarios could be pursued but reiterated that opening the capital is the most crucial step for Belfius and its future.
Solid Financial Results
The insurer’s arm was the standout performer financially, with Belfius Insurance delivering a net profit of 161 million euros in the first half of the year, marking a six percent increase year-on-year and accounting for one-third of group earnings. In contrast, Belfius Bank’s contribution fell by four percent to 316 million euros. Group revenues increased by four percent to 2.28 billion euros, supported by a nine percent rise in insurance income to 777 million euros. Meanwhile, net interest income from banking decreased by three percent to 972 million euros.
“We achieved solid financial results thanks to commercial growth and prudent risk management,” stated chief financial officer Marianne Collin. The management team anticipates that the performance of the banking division will improve in the second half of the year.
Belfius now manages over 200 billion euros in customer savings and investments, surpassing the 198.6 billion euros reported at the end of June. Its credit portfolio exceeds 120 billion euros. Raisière also confirmed plans to pay the Belgian state an additional extraordinary dividend of 500 million euros, on top of the 444.5 million euros already approved. Since resuming dividend payments in 2015, Belfius has returned nearly 3.5 billion euros to its sole shareholder, the Belgian government.
