Belgium

Belgium's banking sector is highly concentrated: the five largest credit institutions held 74.4% of sector assets in 2025 on ECB data. KBC Group and BNP Paribas Fortis, the Belgian subsidiary of BNP Paribas, are of similar size at around US$460bn of assets each, and Belfius, owned by the Belgian State, and ING Belgium complete the group of large domestic lenders. Brussels also hosts financial-market-infrastructure banks such as Euroclear Bank and The Bank of New York Mellon SA/NV, whose balance sheets enlarge aggregate banking statistics but which the NBB excludes from its sector analysis.