Stable and top-tier domestic market position with good business diversification between banking and insurance services. Low credit risk in core lending activities. Sound capitalization covering concentration risk. Pressure on interest revenues from persistently low interest rates, as is the case for European peers. Geographically concentrated in a single country. Sensitive to market risk due to the large size of non-loan assets on the balance sheet. The stable outlook on Belfius Bank SA/NV reflects S&P Global Ratings' view that, over the next two years, the bank will continue benefitting from its combination of banking and insurance activities, stabilize its profitability, and maintain prudent capital and liquidity policies irrespective of the ownership structure. We could consider raising the ratings if Belfius Bank's
