Finance Minister Jan Jambon announced the move in a brief official statement.

The Belgian federal government’s Council of Ministers approved moving ahead with a partial privatization of Belfius, selling up to 20% of its capital to private investors.

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The privatization plan has been under consideration for several months, tracing back to the Michel administration.

SFPI, the federal investment arm that holds Belfius shares for the state, will begin preparations for opening the capital.

Despite the sale, the State will retain a remaining stake in Belfius.