(News Bulletin 247) – The Belgian State’s stake in the bank drops from 7.8% to 5.1%, with an amount of around 2 billion euros.

The Belgian State will reduce by around a third its stake in the French banking group BNP Paribas, of which it was until now the largest shareholder with 7.8% of the capital, a Belgian government source told AFP on Tuesday evening. .

It is a question of selling on the markets, on the night of Tuesday to Wednesday, some 33 million shares, which at the current price should make it possible to generate around 2.2 billion euros.

The Belgian State will only hold 5.1% of the capital of the first European bank, the fact of remaining above the 5% threshold allowing it to retain a seat on the board of directors, according to the same source.

“This sale decision is taken by the Federal Holding and Investment Company (SFPI, financial arm of the Federal State, editor’s note) within the framework of the mandate given to it by the Belgian government in January 2022”, a said this government source, confirming information from several Belgian newspapers.

A stake through the takeover of Fortis

The money released will allow this public holding company – in which the State had placed its stakes in several banks a year ago – to “develop its portfolio with other investments”, it was added.

The Belgian state became a shareholder of BNP Paribas after the 2008 financial crisis.

This had pushed Belgium to buy in order to save it the Fortis bank, which had then been absorbed by the French giant via an exchange of shares.

The BNP Paribas stock has risen on the stock market in recent weeks, in the wake of financial results.

The group announced in early February that it had generated record net profit in 2022, at 10.2 billion euros, up 7.5% over one year. It raised the objectives of its strategic plan for 2025.

According to the bank’s website, the Belgian State with 7.8% of the capital (via the SFPI) was on June 30, 2022 the largest shareholder ahead of the American asset management giant BlackRock (5.9%). The Grand Duchy of Luxembourg held 1% of the capital.

(With AFP)