Belgium eyes BNP Paribas stake sale as Belfius privatization backup

Brussels considers offloading a minority share in the French lender to fund defense spending, adding a new variable to the country's state-asset strategy.

By Handelsavisen Newsroom · Automated 2026-07-24 09:13 UTC · 1 min read

The Belgian government is reportedly considering the sale of a stake in BNP Paribas as a potential alternative to its planned partial privatization of domestic lender Belfius.

The move is driven by the state's urgent need to raise billions of euros to finance increased defense spending commitments.

5% stake in Belfius, with regional governments also holding shares in the insurer Ethias, complicating the broader asset divestment strategy.

According to La Libre Belgique, the government is weighing the disposal of a portion of its holdings in the French banking giant.

This potential transaction could serve as a "Plan B" if the politically sensitive sale of a 20% stake in Belfius encounters significant hurdles.

The state currently holds a 5.5% stake in Belfius, with regional governments also holding shares in the insurer Ethias, complicating the broader asset divestment strategy.

The prospect of a BNP Paribas stake sale adds a new layer of complexity to Belgium's state-asset management.