Jambon dismissed the prospect of an initial public offering, citing the complexities and market volatility that currently define the financial landscape. By opting for a private placement, the administration aims to secure an experienced investor capable of actively shaping the bank’s future business strategy. The government currently values the institution at roughly €10 billion, a figure supported by the bank’s robust performance since its 2011 state acquisition from Dexia.

This divestment follows a period of significant dividend payouts, with Belfius contributing €1.5 billion to state coffers over the last two years alone. While Amsterdam-listed private equity firm CVC has been identified as a potential suitor, Jambon noted he had no direct contact with the fund. The sale process, initiated in late 2025, marks a critical step in the state’s effort to rebalance its portfolio while meeting new budgetary requirements.