Belfius

Origins of Belfius
Belgium: Gemeentekrediet van België / Crédit Communal de Belgique
The Crédit Communal de Belgique (Dutch: Gemeentekrediet van België) was founded in 1860, specifically for the financing of local authority investments. Municipalities seeking to borrow are obliged to purchase shares equal in value to at least 5% of the borrowings. In 1947, the bank begins to develop a network of retail branches that allows funds to be drawn from the general public through savings accounts. From 1960 on, the branches are run by independent agents, allowing the offer of a broader range of services and products and the development of a lasting relationship with clients.
The international expansion of the bank starts in 1990, with the creation of the Cregem International Bank, specialising in the management of large sums of money, in the Grand Duchy of Luxembourg.
In 1990, Gemeentekrediet builds on its international expansion by taking a 25% stake in the Banque Internationale à Luxembourg (BIL), the biggest bank in Luxembourg. In early 1992, the firm increases its stake in BIL to 51%