European private equity group CVC Capital Partners is reportedly considering acquiring a stake in the state-owned Belgian bank Belfius. This move comes as the Belgian government plans to sell between 20% and 30% of the bank. The sale is part of a broader initiative to raise funds for increased defence spending, aligning with NATO’s defence expenditure targets. CVC, a global investment firm, manages assets across private equity, credit, and infrastructure.
According to sources familiar with the matter, other potential investors in Belfius may include banks, institutional investors, and sovereign wealth funds. Belfius, established after the Belgian government acquired the Belgian banking division of Franco-Belgian lender Dexia in 2011, is anticipated to be worth approximately 10 billion euros based on its projected 2025 net profit of 1.16 billion euros.
While spokespeople for CVC, Belfius, and the Belgian government have declined to comment on the matter, Lazard is advising the government on strategic options for the bank, including a possible initial public offering (IPO) at a later stage. The Belgian government aims to increase its defence spending to 2% of GDP by 2029, in line with NATO norms.
Currently, Belgium’s defence spending hovers around 1.3% of its GDP. The potential valuation of Belfius at 10 billion euros would place its book value at approximately 0.8 times, considering shareholder equity of 12.5 billion euros as of December 2025. This positions it similarly to some European banks trading at a discount to book value.