July 24, 2018 / 6:43 AM / 4 months ago

Belgium expected to announce plans for Belfius bank IPO

BRUSSELS, July 24 (Reuters) - The Belgian government on Tuesday is expected to announce plans to float about 30 percent of state-owned bank Belfius, which was nationalised in 2011, on the stock market.

The sale, which is expected to raise some 2 billion euros ($2.33 billion) for the Belgian state, will aid Belgium in reducing its sovereign debt.

Belfius was created after the country bought the Belgian banking arm of Dexia in 2011 for 4 billion euros as part of a wider rescue of the lender, which had become stuck in the credit crunch.

$1 = 0.8569 euros Reporting by Robert-Jan Bartunek

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