Belfius adjusts capital and dividend plans ahead of potential 20% state stake sale
Belfius announced changes to its capital ratios and dividend payouts as it prepares for a possible sale of up to 20% of the bank owned by the Belgian state.
Belfius disclosed that its board and shareholder have approved a set of capital-structure adjustments intended to make the bank more attractive to investors while preserving financial resilience. The CET1 target range will be reduced from 15-15.5% to 14.5-15% and €500 million of Additional Tier 1 capital will be issued. Dividend policy will see an interim payout of €375 million based on Q3 2026 results, followed by a second €375 million distribution after the capital-opening transaction is signed, subject to regulatory review.
The Belgian government, which decided in principle to sell up to 20% of Belfius, has given SFPIM a mandate to run a private-placement process, with BofA Securities acting as sole adviser. The transaction would leave the state with roughly 80% ownership and is under parliamentary scrutiny, but no buyer or binding terms have been disclosed yet.
Why it matters
The plan could alter Belgium's banking landscape by introducing private investors while the state retains control.
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