Brussels, 21 September, (Brussels Morning Newspaper) – Belfius has unveiled changes to its capital structure and dividend policy as preparations continue for the possible sale of up to 20% of the Belgian state-owned bank. The latest measures mark a significant step in the Belfius privatisation process but remain conditional on confirmation and signing of the transaction.
Belfius Changes Capital Plans Ahead of Possible Sale
Belfius announced on Sunday that its board and shareholder had approved proposed adjustments intended to increase investor appeal while maintaining the bank’s financial strength.
The bank plans to lower its Common Equity Tier 1 target range from 15%-15.5% to 14.5%-15%. It also proposes issuing €500 million in Additional Tier 1 capital to strengthen its capital structure, support growth and provide greater flexibility.
Belfius said the changes followed “constructive preparatory discussions with its shareholder” and were designed to enhance “agility and investor appeal while maintaining its financial resilience”.
Belfius Plans €750 Million in Dividends
The bank also outlined plans for substantial dividend distributions.
An interim dividend of €375 million, based on third-quarter 2026 results, is expected before the end of the year, subject to board approval. This includes €250 million equivalent to the interim dividend distributed in 2025 and an additional €125 million linked to a planned increase in the dividend payout ratio from 40% to 50% of realised profit.
After confirmation and signing of the capital-opening transaction, Belfius intends to distribute another €375 million from distributable reserves. That payment remains subject to prudential review and regulatory approval where required.
Explaining the objectives behind the changes, Belfius said it wants to maintain “robust capital buffers to safeguard financial resilience” while delivering a stable distribution policy for existing and future shareholders.
Belgian Government Authorised 20% Stake Sale
The Belgian government decided in principle in December 2025 to begin preparations for selling part of Belfius. In June 2026, the Council of Ministers approved a delegated mandate allowing the Federal Holding and Investment Company, SFPIM, to organise a sale covering no more than 20% of Belfius’s capital.
SFPIM currently holds all ordinary Belfius shares on behalf of the Belgian state. It formally launched the investor process on 22 June, with BofA Securities appointed as sole financial adviser. The transaction is structured as a private placement for qualified investors rather than a public share offering.
By 6 August, the process had advanced beyond its initial expression-of-interest stage. SFPIM said qualified investors could seek participation as capital partners alongside lead investors that had already expressed interest and been admitted to the process.
Belgian State Would Remain Majority Shareholder
A sale of the full 20% would leave the Belgian state controlling approximately 80% of Belfius. The Belfius privatisation would therefore introduce private shareholders without ending state majority ownership.
The transaction is also receiving parliamentary scrutiny. Belgium’s Chamber Finance and Budget Committee recently considered possible access to an expert report concerning a potential Belfius-Ethias combination in connection with the partial privatisation.
Belfius Sale Still Requires Final Agreement
No final purchaser or binding sale terms have been publicly announced. Belfius confirmed on 21 September that most of its newly announced measures will take effect only after the capital-opening transaction is confirmed and signed.
