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Belgium delays Belfius Banque IPO

The Belgian government has shelved plans for a potential IPO of Belfius Banque SA, with Prime Minister Charles Michel saying the time was not right for such a move, Reuters reported, citing news agency Belga.

The prime minister also ruled out a listing of the lender during his term of office until mid-2019.

Belgian Finance Minister Johan Van Overtveldt announced in July plans to float 30% of the state-owned lender but without a clear timeline. In August, Belfius Banque Chairman Jos Clijsters stressed that the bank is ready for a possible IPO.

Analysts had expected the listing to raise roughly €2 billion for the Belgian government, although recent market conditions have since reduced the bank's estimated value, according to the Sept. 10 report.

Belfius was carved out of Dexia SA after the Belgian banking group was bailed out by the state in 2011. The Belgian government approved the IPO as an option for a partial privatization of the bank in summer 2017.