Banks in Belgium

Publication Date :

24 Nov, 2017

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Table Of Contents

Overview of Banks in Belgium

The banks in Belgium are known to be one of the most liberal and sophisticated systems around the globe. Belgium ranks third in Europe in terms of the density of bank branches. There are over 140 branches operational in Belgium. Additionally, it is one of the leading providers of electronic banking services, with more than 90% of the transactions conducted electronically.

With excellent internet and phone banking development, unique and standardized customer accounts for financial intermediaries. There are no restrictions imposed on the movement of capital with minimal regulatory requirements. A wide and flexible range of services is offered to the customers without discrimination in terms of nationality. This aspect enhances the volume of international banking transactions conducted, and with an efficient branch network, many domestic and international banks are servicing from Belgium.

Overview of Banks in Belgium

Structure of Banks in Belgium

The Banks in Belgium can be classified as:-

Domestic Banks
Foreign Banks

Further, the activities circulate two categories: wholesale and retail banking. That ensures optimal efficiency and a rapid decision-making process. It helps in keeping the structure lean and efficient.

Digital Banking In Belgium

Belgium's digital banking landscape combines traditional banking institutions with innovative fintech solutions, focusing on convenience, security, and seamless digital experiences. It is gradually evolving to keep pace with technological advancements. Established banks are investing in digital transformation, offering online banking services and mobile apps to cater to customer preferences. The fintech sector is also witnessing growth, with startups introducing specialized financial solutions. Belgium's regulatory framework and initiatives to promote innovation are fostering a dynamic and competitive digital banking environment.

List of Top 11 Banks in Belgium

Revolut
Argenta Bank
BNP Paribus Fortis
KBC Bank
AXA Bank - Belgium
ING Belgium
Crelan
Rabobank
ING Belgium
Key-Trade Bank
Delen Private Bank

Let us look at each one of these in detail: -

#1. Revolut:

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#2. Argenta Bank

Argenta Bank is the fourth largest bank in Belgium, established in 1956 with its headquarters in Antwerp. The group activities include products like savings, loans, collective investments distribution, and life and non-life insurance products. It is also actively operating in the Netherlands and Luxembourg. The first half of 2021 recorded a net profit of €143 million.

#3. BNP Paribus Fortis

BNP Paribas Fortis is a universal bank and a subsidiary of BNP Paribas operating in Belgium, offering three core services, namely: -

Retail banking
Corporate & institutional banking
Investment solutions

The bank is the largest operating unit in Belgium, headquartered in Brussels, with almost 1,93,000 staff members as of July 2021. As of 31^st December 2020, the net income for shareholders was €7.1 billion.

#4. KBC Bank

KBC Bank is an acronym for ‘Kredietbank ABB Insurance CERA Bank’ and is the second-largest bank in Belgium, established in 1973 with headquarters in Brussels. It is actively involved in: -

Retail banking
Asset Management
Debt capital markets,
Domestic cash equity markets
Corporate banking
Reinsurance
Private equity
Leasing

The bank focuses on private clients and small and medium-sized enterprises. The net income in 2019 was €2.48 billion, with total assets of €290.7 billion.

#5. AXA Bank - Belgium

AXA bank was established in 1881, specializing in retail banking and financial services. The headquarters are located in Brussels with close cooperation from AXA’s local insurance companies to complement their financial products. The other specialization consists of savings accounts, short-term and installment loans, home and repair loans, repair credits, etc.

#6. ING Belgium

ING Belgium bank operates as a subsidiary of the ING Group, established as an international banking institution in 1998, initially known as Bank Brussel Lambert. It offers extensive retail and commercial banking services to individuals and companies. It also provides various loan facilities for homes, vehicles, mortgage either by paying interest on a regular basis or by paying a lump sum interest when the loan is paid off." url="https://www.wallstreetmojo.com/bridge-loan/"]bridge loan arrangements, and bank guarantees. Asset management services are also offered, which helps expand their customer base. It caters to the European regions, with its headquarters located in Brussels. The bank has reported a total net income of $2.485 billion and total assets of $937.275 billion for 2020.

#7. Crelan

The Crelan institution came into recognition after Landbouwkrediet and Centea in 2013. Initially, the focus was a cooperative bank with a core focus on the agricultural sector. The commercial and retail banking activities have also grown at heights of farming interests. It offers assistance in terms of: -

Daily farming activities
Seasonal planting
Purchase of equipment
Business credit for renovation, investments, and other associated applications

The net income for 2016 has been recorded at €55.2 million, increasing 36% compared with the previous year. The bank's headquarters are located in Brussels, and it employs around 1,700 staff members

#8. Rabobank

Rabobank is a branch of the Dutch financial group – Rabobank International that offers leverage finance, debt restructuring, and global financial markets (securitization, derivatives, and loan syndication). They also offer retail banking services with a special thrust on internet banking.

For corporate customers, structured trade and commodity finance provisions are also made. As a result, the net profit for 1H17 stood at €1.51 million and a high credit rating by the leading agencies.

#9. Europa Bank

Europa bank is of Belgium origin, established in 1964 at the helm of the international bank of Washington. They are primarily engaged in offering services to the shipping and insurance industry. The main products and services provided are: -

Consumer Loans
Mortgage Services
Savings Accounts
Deposits
Leasing
Investment Credit
Credit Card business

#10. Key-trade Bank

Keytrade Bank is a financial institution based in Belgium with subsidiaries in Luxembourg offering banking and trading services with a special emphasis on online activities. In terms of banking activities, regular retail banking services are provided, including: -

Current account services yield 1% and 5 cents for each transaction executed.

Savings account with an interest rate of 1.50% and 0.40% fidelity premium.

Term account between 1 week and one year.

They are also established in trading activities with access to products such as stocks, bonds, mutual funds, options, and warrants. They also deal with trading platforms for new products accessible only to professional investors. As a result, it makes investing in Forex and the futures market easier.

#11. Delen Private Bank

Delen Private Bank is a Belgium bank specializing in stockbroking and wealth management. It has branches spread across Belgium, Switzerland, and Luxembourg under the National Bank of Belgium (NBB) and FSMA (Belgian Financial Services and Markets Authority). It offers specialized services in asset management, inclusive of discretionary management. It also provides real estate planning services.

The group’s general banking activities focused on SMEs, professionals, and self-employed fall under the affiliate Bank J. Van Breda & C. As of 2018, the net profit was around €1,186 million.