Belgian lender KBC has asked Bank of America to examine the feasibility of a takeover of ABN Amro, in a move that could reshape Europe’s banking landscape, the Financieele Dagblad reported on Monday.

According to the FD, citing financial sector sources, KBC chief executive Johan Thijs asked advisers in London earlier this year to explore the benefits and risks of such a deal. The analysis is still at an early stage.

The interest follows the government’s decision to further reduce its stake in ABN Amro. Earlier this month, caretaker finance minister Eelco Heinen said the state’s shareholding would fall from 30.5% to around 20%. The partial exit has fuelled speculation about foreign bids for the bank.

KBC, with a market value of €41.5 billion, is around twice the size of ABN Amro but of a similar balance sheet size (€373 billion versus €385 billion). KBC is more international, with operations in central and eastern Europe, while ABN Amro is concentrated in the Netherlands, Germany and France.

Analysts told the FD differences in culture and business models – ABN Amro is a pure bank, while KBC combines banking and insurance – could complicate a deal.

Speculation boosted ABN Amro’s shares on Monday, which rose 3% after Bloomberg reported on KBC’s interest, before the FD confirmed it. The stock has already gained 75% this year as investors anticipate further restructuring under new chief executive Marguerite Bérard.

KBC said in a statement that it “continuously monitors the market” for opportunities but is currently only studying a possible acquisition of Belgian insurer Ethias. ABN Amro declined to comment, the FD said.