Belgium's federal authorities have opened the process to sell a one-fifth stake in Belfius, initiating a private placement valued at about c2 billion (approximately $2.3 billion), the Federal Participation and Investment Company (SFPIM) said on Monday.
Acting on behalf of the Belgian state, SFPIM has appointed Bank of America Securities as the sole financial adviser tasked with managing the share sale. According to the statement, potential investors must submit expressions of interest to Bank of America by July 3. Participation in the transaction is restricted to eligible investors, the announcement said.
Finance Minister Jan Jambon previously informed a parliamentary committee earlier this month that the government planned to divest the 20% stake in Belfius. The timeline set by SFPIM aligns with that disclosure.
Belgian media reporting cited government sources saying the state prefers not to see another bank or financial institution acquire the stake. Instead, government officials would favor selling to either financial investors or family investors, the reports said.
Earlier Belgian media reports have named Rabobank, ING and Credit Agricole among potential buyers of the 20% holding, though none of those banks has publicly confirmed any interest in taking part in the placement.
Context and process
The sale is being executed as a private placement rather than a public offering. SFPIM has designated Bank of America Securities to oversee the process, including collecting expressions of interest from eligible parties by the July 3 deadline.
Stake and valuation
The stake on offer represents 20% of Belfius and is priced at roughly c2 billion. The state, through SFPIM, is leading the transaction and has specified investor eligibility criteria for participation.
Interested parties
While some banks have been mentioned in earlier coverage as possible bidders, the announcement reiterates that participation requires eligibility and that the government has signaled a preference against a financial institution acquiring the stake. No participating investors have been confirmed publicly.
The sale process sets a clear deadline for expressions of interest and defines the adviser who will manage the placement. Beyond those procedural details and the governments stated preferences, the announcement provides no additional commitments or confirmations about prospective buyers.