Inside Belfius Private: Aiming for market leadership in Belgian private banking
Financial services company Belfius has just launched its private bank with the clear goal of becoming number one in the Belgian market. Olivier Goerens, General Manager of Belfius Private, tells Qorus’ Boris Plantier more about the unique aspects of this bank for affluent customers.
Financial services company Belfius has just launched its private bank with the clear goal of becoming number one in the Belgian market. Olivier Goerens, General Manager of Belfius Private, tells Qorus’ Boris Plantier more about the unique aspects of this bank for affluent customers.
Why did you decide to launch Belfius Private, and who exactly is this offer aimed at?
We launched Belfius Private to create a full-fledged private bank within Belfius, with one sole focus: the private member.
Until now, private banking was often just a segment in a universal bank. We wanted to go further by combining the solidity of a bancassurer with the exclusivity of a dedicated private bank.
Our offer is aimed at clients that consciously choose private banking through our private or wealth membership. Clients can become private members from €500,000 assets under management and wealth from €2.5 million.
We also extend the membership to their entire family, not just the individual, because continuity across generations is key. This makes us unique: instead of focusing only on one account holder, we think in terms of a family’s legacy and ambitions.
Could you tell me more about the services offered and the number of employees involved in this initiative?
First of all, for us private banking is a service that spans across generations. It is essential for us to include partners and children in the equation early enough to get to know and connect with future generations, and let them enjoy certain benefits of being a private banking client early on.
Our services cover the entire spectrum of private banking:
• Investments: discretionary management, tailor-made mandates, advisory as of €2.5 million, access to Belfius Asset Management, Candriam, Kepler Cheuvreux, and even direct access to the trading floor; complemented by our trading platform Re=Bel, for clients preferring to handle their own investments.
• Estate planning: from succession and family governance to cross-border pension structures, philanthropy, and business structuring and transmission.
• Financing: Lombard credits, mortgages, and business financing: areas where niche banks often cannot compete.
• Insurance: protection for what clients truly value, from art collections to family health.
• Communities and family services: unique events that include children and partners, with programs such as Next Gen Academy.
Behind this, a dedicated 380-person team works exclusively for Belfius Private, across both front- and back-office. On top of that, we are recruiting 60 more experts by 2030, underlining the importance of this initiative.
You emphasize local expertise. How does this translate, in terms of your offering?
Local expertise means that all decisions are made in Belgium, for Belgian clients. We don’t rely on standardized models from London or Paris. Instead, we have an intimate knowledge of Belgian entrepreneurs, professionals, and families—their tax environment, their investment habits, and their succession challenges.
It also translates physically: we have 47 Private Houses today, and that will grow to 77 in the next few years. These are not branches but true meeting places, where clients can plan succession with their estate planner, discuss financing with their banker, or introduce their children to their first investment plan.
Our experts have a deep understanding of the complexity of our fiscal and legal landscape in Belgium, with different rules applicable depending on the region where clients are domiciled. Because of our local anchorage, our succession and estate planning experts can advise clients on the specific rules and optimization possibilities in their region.
Artificial intelligence has become an integral part of private banking. At Belfius Private, what aspects rely on AI and what aspects remain human-driven?
We see AI as an enhancer, not a replacement. AI helps us anticipate client needs more quickly, provide real-time portfolio insights with clear explanations, and free up time for bankers by automating operational tasks.
But the core of private banking remains human. Estate planning, succession discussions, family governance, and even sensitive investment decisions cannot be left to algorithms. The private banker remains the trusted conductor, the person who knows the client’s story and family context. In other words, AI gives us speed and efficiency, while the banker provides empathy, judgment, and trust.
We are convinced that AI plays an important role in enabling the banker to be more pro-active and offer a personalized service to his clients. We have access to a large variety of information about our clients, and AI has the power to condense this into digestible insights that bankers can use to trigger the right conversion at the right time with their clients.
Could you present your different distribution channels?
Our model combines the best of both physical proximity and digital convenience:
• Private Houses: 47 today, 77 in a few years. They are exclusive meeting points, not branches—places for discretion, expertise, and connection.
• Digital platforms: Our app Re=Bel gives real-time insights into portfolios, with explanations from asset managers, in a conversational way. This ensures that clients are always informed, 24/7. Additionally, Re=Bel allows customers who are digital savvy and want to invest themselves to do so in all comfort and transparency.
• Belfius Direct Private complements the advisory channels for clients wanting to execute large(r) orders on the phone, with the comfort of having an expert to execute more complex transactions in their name.
• Website and campaigns: These channels support education, onboarding, and community engagement.
This hybrid approach means that for important life decisions, clients always have their banker nearby, while technology ensures speed and efficiency for day-to-day needs.
There is one idea that I find particularly appealing: this desire to create communities. Could you tell me in more detail about these communities and how they will work?
The communities are a cornerstone of our strategy. They are not just events, but long-term networks where clients connect around shared passions:
• Art Lovers: bringing collectors and enthusiasts together.
• Tech Entrepreneurs: fostering innovation, partnerships, and opportunities.
• Next Gen: education, mentorship, and entrepreneurial bootcamps.
• Women: supporting female leaders and entrepreneurs.
• French Desk: serving the growing French expat community in Belgium.
These communities strengthen emotional bonds with Belfius Private and with peers. They offer clients relevance beyond finance, helping them exchange ideas, grow, and feel part of something bigger than their portfolio.
We believe that these communities are the right platforms to create word-of-mouth marketing and get in contact with prospects (“bring a friend”), around topics that trigger their interests and passions.
Finally, what are your medium- and long-term ambitions for Belfius Private?
By 2030, our ambition is clear: to be the undisputed number one Belgian private bank, with a 20% market share and €100 billion AUM (up from €60 billion today). This means not only growing assets but also being the first brand clients think of when they consider private banking.
Digital Reinvention community
With Qorus memberships, you gain access to exclusive innovation best practices and tailored matchmaking opportunities with executives who share your challenges.