“The logic of a combination of Belfius and Ethias, in whatever form, is so great that at some point it will gain the upper hand.” That is what resigning chairman Jos Clijsters of state bank Belfius says at the weekly Trends.
–
Clijsters will chair the board of directors for the last time on Thursday. Chris Sunt will succeed him. In the farewell interview, Clijsters says that the bank-insurer should aim for a market share of 20 percent in all its activities. The insurance arm now has a 6 percent market share, so growth must come through acquisitions. “Acquisitions will be necessary there, and then you will inevitably end up with the Ethias file again. There is only one player who is both complementary and Belgian, and who matches the DNA of Belfius ”, says Clijsters.
“Let time do its work. I share the concern that Ethias may not be sold to a foreign player. And it could be that such an offer will come at some point. Combine Belfius Insurance and Ethias and you have a fantastic insurance company, 50/50 wholesale and retail, 50/50 life and non-life. Add to that the bank, and you have a strong Belgian bank-insurer with a fantastic future ”, says Clijsters.
Earlier this year, the route of a merger of Belfius – which is entirely in the hands of the federal state – and Ethias, which is in the hands of the federal state, Flanders and Wallonia – made the rounds. The market was scanned for a sale of Ethias, confirmed Deputy Prime Minister and Finance Minister Vincent Van Peteghem (CD&V). But Deputy Prime Minister and Minister of Economy Pierre-Yves Dermagne (PS) does not want to sell the interest of the federal government in insurer Ethias. The Walloon government also indicated that it was not interested in a sale.
– .
