Stable and top-tier domestic market position with good business diversification between banking and insurance services. Low credit risk in core lending activities. Improving earnings capacity and internal capital generation. Less diversified by geographies and businesses than larger European peers. Sensitive to market risk due to the large size of non-loan assets on the balance sheet. Completion of the so far well executed divestment of non-core assets. The stable outlook on Belfius Bank reflects S&P Global Ratings' view that in the next 18-24 months the bank will gradually reap the benefits of a renewed internal commercial momentum, despite the challenging operating and regulatory environment, and further strengthen its capitalization. We could lower our ratings on Belfius Bank by one notch if
