BRUSSELS (Reuters) – DHB Bank will gradually reduce its presence in Belgium after concluding that the Belgian market is not profitable enough, it said on Monday, highlighting the challenges faced by European banks given the region’s sluggish economic growth.
“Following an in-depth review, we have concluded that it is not possible in the long term to build up a substantial and profitable clientele on the Belgian market,” said the Dutch-headquartered bank in a statement.
“This is why we have decided to gradually reduce our activities in Belgium,” the Rotterdam-based bank added.
DHB Bank’s decision follows a similar move by Spain’s Santander to review its presence in Britain.
Earlier this month, the International Monetary Fund forecast 2025 economic growth of 1.0% for the euro zone – less than its 2.7% growth forecast for the United States and 4.6% for China.
(Reporting by Sudip Kar-Gupta, Editing by Louise Heavens)
