Belgian bank Belfius is establishing a new operations hub in Lisbon, Portugal, to hire 500 staff over the next five years. The bank will insource functions like IT, AI, and fraud prevention. Trade unions have strongly opposed the move, labeling it a “Pandora’s box” that threatens local Belgian jobs.
The Breakdown.
- The Plan: Belfius aims to recruit 500 employees for its Lisbon hub to handle back-office, IT, payments, and AI tasks.
- Timeline: 218 positions will be established in Portugal by the end of next year, expanding to 500 roles within five years.
- The Union Backlash: Trade unions are deeply concerned, warning that exporting these roles out of Belgium could open a “Pandora’s box” that jeopardizes domestic employment.
- Management’s Stance: Belfius insists that the project is “insourcing” (taking back functions previously handled by external contractors) and will not lead to redundancies in Belgium. They argue the Portuguese hires will simply offset upcoming domestic retirements.
- Operations: The hub is launching as a joint venture with consultancy firm Accenture, with Belfius expected to take full control in 3 to 5 years.