DHB Bank announced on Monday that it will gradually decrease its presence in Belgium due to the lack of profitability in the Belgian market. The Dutch-based bank emphasized the challenges faced by European banks amidst the slow economic growth in the region.
"After a thorough review, we have determined that it is not feasible to establish a sizable and profitable customer base in the Belgian market," stated the bank in a press release. "Therefore, we have chosen to scale back our operations in Belgium," added the bank headquartered in Rotterdam.
This decision by DHB Bank echoes a similar strategy implemented by Spain's Santander. The International Monetary Fund recently revised its growth forecast for Belgium, predicting less growth compared to the United States and China, with a forecast of an increase of 2.7% for the United States and 4.6% for China.