16:05 – MP Frédéric Daerden (PS) reaffirms his opposition to the privatization of Belfius

MP Frédéric Daerden (PS) reiterated on Saturday his opposition to the government project of partial privatization of Belfius, the bank born from the ashes of the former Dexia Belgium, through an introduction in stock market, calling it an "ideological and dangerous choice." "That's all but a good idea, a good choice," he told the Belga news agency, while the newspaper 'L'Echo' reported a pressure from Prime Minister Charles Michel to reach a decision – in spite of the reluctance of the CD & V, which links this issue to the compensation of the cooperators of Arco, the financial holding company of the Christian Workers Movement also won in the debacle of Dexia . The "substantial" privatization of Belfius, which the government is considering, "is a bad medium and long-term economic choice," added Daerden, who follows the dossier on behalf of the PS. According to him, the amount obtained by the public offering of 25 to 49% of Belfius in the name of the reduction of the budget deficit will eventually prove to be lower than the dividends. According to estimates quoted by 'L'Echo', the privatization of 30% of the bank's capital, valued at between seven and nine billion euros, would enable the state to raise at least 2.1 billion euros. which would lead to "mechanical" deleveraging for Belgium. The Michel government decided in the summer of 2017 to proceed with a partial privatization of Belfius. A decision based on a study by the Bank of America / Merrill Lynch / Eubelius / KPMG consortium. Noura and Clairfield have been appointed as financial advisors and Freshfields as legal counsel to the authorities. In addition, a merchant bank syndicate (responsible for securities placement) has been appointed, which includes Citibank, KBC, Belfius and Fortis. (Belga)

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