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Belfius aims for April to June listing: finance minister
Posted on Thursday, 11 January 2018 13:19
Belgium’s finance minister has flagged Belfius for an initial public offering (IPO) at some point between April and June in what could well be one of the country’s largest listings in years.
In an interview with VRT that was broadcast yesterday, Johan Van Overtveldt said the timing of the proposed float, reportedly valued at about EUR 2.50 billion, depends on market conditions.
Belfius was formerly known as Dexia Bank Belgium and the retail arm of Dexia up until 2011, when the banking and insurance group was nationalised by the country in a deal valued at EUR 4.00 billion.
In the first half of 2017, the lender posted net profit of EUR 361.00 million and had a total equity capital of EUR 9.30 billion, as at 30th June 2017.
Belfius had a cost-income ratio of 58.3 per cent, a common equity tier 1 Basel III solvency ratio of 16.1 per cent, and a leverage coverage ratio of 128.0 per cent.
It had outstanding current and savings accounts of EUR 3.80 billion as at 30th June 2017, while fund investments rose by EUR 4.20 billion when compared with 30th June 2016.
De Tij reported Citigroup, JPMorgan, Merrill Lynch and UBS will play a leading role in the IPO, though they will be joined by other institutions such as BNP Paribas Fortis and KBC.
The syndicate for the listing, which could give the lender a valuation of EUR 8.00 billion, also includes Degroof Petercam, investment bank KBW, and ABN AMRO, as well as Belfius itself, the business daily added.
It added the Belgian government will sell between 25.0 per cent and 35.0 per cent for about EUR 2.80 billion, the proceeds of which would be used to lower the national debt.
Zephyr, the M&A database published by Bureau van Dijk, shows Aedifica carried out the country’s largest IPO by value on record (EUR 8.79 billion), while Belgacom was second with a listing worth EUR 3.60 billion.
© Zephus Ltd