Private equity firm CVC is considering an investment in Belgian state-owned bank Belfius, according to Reuters sources, according to Reuters sources.

The Belgian government is said to be preparing to offload between 20% and 30% of its holding as it looks to generate billions of euros to support defence funding.

Sources revealed that CVC is among those expressing interest, and other parties such as banks, institutional investors, and sovereign wealth funds may also be contenders for a stake in Belfius.

Based on projected net profit of €1.16bn ($1.3bn) in 2025, one source suggested the bank could be valued at roughly €10bn.

Belfius was created after the Belgian government acquired Dexia’s local banking operations for €4bn during the financial crisis in 2011.

When approached by Reuters, representatives for CVC, Belfius, and the Belgian government declined to provide comment.

Lazard is advising the government on its strategic options for Belfius, which could include an initial public offering at a future date.

The Belgian government has pledged to raise defence expenditure to 2% of GDP by 2029, in line with existing NATO requirements. At present, Belgium allocates about 1.3% of its GDP to defence, a figure that has not previously reached the 2% threshold.

In June, NATO member states agreed to target a further increase, aiming for total defence spending to reach 5% of GDP by 2035.

Lazard did not respond to requests for comment.

At an estimated valuation of approximately €10bn, Belfius’ book value would stand at 0.8 times its shareholder equity of €12.5bn euros as of December 2025.

"CVC explores investment in Belfius ahead of possible IPO – report" was originally created and published by Retail Banker International, a GlobalData owned brand.

 

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