Finance Minister Jan Jambon confirmed the government's intent to offload the shareholding to reduce national debt and bolster defense spending. While the state has yet to finalize the rules of the sale, the potential involvement of rival banks remains a point of contention. Belfius management has expressed a preference for selling to investors who would avoid consolidation, favoring those who do not overlap with their current retail footprint.

ING, while declining to confirm specific interest, noted it is constantly evaluating opportunities to add scale or new products to its existing markets. Rabobank and Credit Agricole did not respond to requests for comment regarding their potential participation. The bank currently sits at the center of a long-term restructuring effort, having been salvaged by the Belgian state from the wreckage of Dexia for 4 billion euros during the 2011 financial crisis.