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.
Table of contents
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 bankingRetail BankingRetail banking or personal banking refers to the financial services offered by the financial institutions exclusively to the individual clients. The consumer banking provides personal loan, savings account, debit cards, credit cards, locker, etc.. 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.
Our Top Picks For Managing Finances & Borderless Payments
You can explore these online money management services to plan your savings, investments & borderless payments:
– Fast transfers and no markup rates
– Broad geographical reach across continents in 75+ countries.
– Multicurrency Business Account for companies and freelancers
– Dominates competitions in terms of innovative features and easy accessibility.
– Can set transaction limits for each card
– Operates primarily in France, Italy, Germany & Spain
List of Top 11 Banks in Belgium
- Argenta Bank
- BNP Paribus Fortis
- KBC Bank
- AXA Bank – Belgium
- ING Belgium
- ING Belgium
- Key-Trade Bank
- Delen Private Bank
Let us look at each one of these in detail: –
Experience banking like never before with “Revolut,” the app-based solution in Belgium operating under a banking license Revolut Bank UAB. It is designed for the modern world that puts control at your fingertips. Seamlessly manage your finances, make swift global money transfers, and save with ease. Enjoy fee-free currency exchange and cryptocurrency transactions. With top-notch security features and a user-friendly interface, Revolut ensures your money is safe and accessible anytime, anywhere. Join millions who trust Revolut for secure, convenient, and rewarding banking. Sign up now and unlock a world of infinite financial possibilities!
#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 31st 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 ManagementAsset ManagementAsset management is a method of managing funds and investing in both traditional and specialized products in order to generate returns consistent with the investor's risk tolerance.
- Debt capital markets,
- Domestic cash equity marketsEquity MarketsAn equity market is a platform that enables the companies to issue their securities to the investors; it also facilitates the further exchange of these stocks between the buyers and sellers. It comprises various stock exchanges like New York Stock Exchange (NYSE).
- Corporate banking
- ReinsuranceReinsuranceReinsurance is a tool used by the insurance companies to reduce their claim liability by getting some of it insured by another company. It helps prevent insurance companies from insolvency. The company insuring the claims is called the ‘Reinsurer’ and the company getting insured is called the ‘Ceding company’.
- Private equityPrivate EquityPrivate equity (PE) refers to a financing approach where companies acquire funds from firms or accredited investors instead of stock markets
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, mortgageMortgageA mortgage loan is an agreement that gives the lender the right to forfeit the mortgaged property or assets in case of failure to repay the borrowed sum and interest. 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[/wsm-tooltip] arrangements, and bank guaranteesBank GuaranteesThe term “Bank Guarantee,” as the name suggests, is the guarantee or assurance given by a financial institution to an external party if the borrower cannot repay the debt or meet its financial liability. In such an event, the bank will repay such an amount to the party that has been issued with the guarantee.. 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.
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 incomeNet IncomeNet income for individuals and businesses refers to the amount of money left after subtracting direct and indirect expenses, taxes, and other deductions from their gross income. The income statement typically mentions it as the last line item, reflecting the profits made by an entity. 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
Rabobank is a branch of the Dutch financial group – Rabobank International that offers leverage finance, debt restructuringDebt RestructuringDebt restructuring is a refinancing process whereby the company facing cash flow issues arranges with lenders to renegotiate favourable or flexible terms, saving themselves from bankruptcy. The lenders may choose to lower the business rate or increase the time limit for paying the interest and principal amount., and global financial markets (securitization, derivatives, and loan syndicationLoan SyndicationWhere a group of lenders usually collaborates through an intermediary being a lead financial institution, or syndicate agent, which organizes and administers the transaction, including repayments, fees, etc. to provide financial requirements to a single larger borrower (usually out of the capacity of a single lender) where the division of risk and returns takes place between each other takes place is known as loan syndication.). They also offer retail banking services with a special thrust on internet banking.
For corporate customers, structured trade and commodityCommodityA commodity refers to a good convertible into another product or service of more value through trade and commerce activities. It serves as an input or raw material for the manufacturing and production units. 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 LoansConsumer LoansA consumer loan is a type of credit given to a consumer to finance specified set of expenditures. The borrower must pledge a specific asset as collateral for the loan, or it may be unsecured depending on the loan's monetary value.
- Mortgage Services
- Savings Accounts
- 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 fundsMutual FundsA mutual fund is a professionally managed investment product in which a pool of money from a group of investors is invested across assets such as equities, bonds, etc, 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 marketFutures MarketA futures market is a financial marketplace where participants trade futures contracts for commodities, stock indices, currency pairs, and interest rates at a pre-determined rate and agreed-upon future date. It, thus, protects investors and traders from losing money on a transaction even if the price of the commodity or financial instrument rises or falls later. 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.
We hope you liked this guide to Banks in Belgium. We discuss an overview of the list of top 11 top banks in Belgium, their structure, and their financial status. If you are looking forward to making a career in banking, then you can check out some of the awesome resources: –