Rabobank, ING, and Credit Agricole are all interested in buying a stake of Belgium’s state-owned Belfius, as the government plans a partial sale, according to Belgian newspapers L’Echo and De Tijd.

Citing sources, the sister papers reported Friday that Dutch lenders ING and Rabobank, as well as France’s Credit Agricole, were looking to acquire part of the 20 per cent share that the government intends to sell.

On Tuesday, Belgian finance minister Jan Jambon told a parliamentary committee that the stake will be sold through private placement, adding that: “The goal is to attract a private investor with the necessary experience who can actively contribute to Belfius's strategy and business plan”.

Financial markets value the bank at around €10 billion, he added.

The government has not yet set out the rules for the sale, and it is presently unclear if other banks will be able to participate. De Tijd reported that Belfius’s management has previously indicated a preference for selling to one or more domestic or foreign investors over another bank.

An ING spokesperson told Reuters that “We grow in the segments we already operate in but are also actively looking to see if we can add additional segments, add ⁠scale in segments or add products or services we want to grow in,” while saying the bank does not comment on individual cases.

The Belgian government began the sale process in late 2025 in a bid to cut debt while increasing defence spending, Reuters reported.

Belfius was created in 2011, following the state’s purchase of the Belgian banking arm of Franco-Belgian lender Dexia in the wake of the financial crisis.

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