Belgian bank Belfius announced on Tuesday that it plans to establish a new hub in Lisbon, where 500 employees will handle back-office activities within the next five years.
The bank intends to move tasks from its IT and Operations departments to the Portuguese capital, including work related to artificial intelligence, payments, and fraud prevention.
"By the end of next year, we will have 218 positions in Portugal. In five years, there will be 500 people," said Belfius spokesperson Ulrike Pommée.
Pommée emphasised that the bank will continue to recruit in Belgium and that the project will not result in layoffs. She noted that many employees are expected to retire in the coming years, and their roles will be replaced partly in Belgium and partly in Portugal.
The project, launched in collaboration with consultancy firm Accenture, will initially operate as a joint venture before Belfius takes full control in three to five years.
The bank described the move as "insourcing," stating it wants to internalise 250 functions that are currently handled by external parties abroad.
However, trade unions expressed concern over the decision. Valerie Scherpereel of the Flemish Christian trade union ACV Puls said that while the immediate impact on employment appeared limited, she feared the opening of a "Pandora's box".
"We don't know where this will end. We fear that employment in Belgium will be further eroded," Scherpereel said.
Approximately 40 people in Belgium will be required to change roles as a result of the transition.
While management claimed there is a suitable job for everyone involved, unions are seeking a formal support framework for these staff members.
Belfius currently employs around 10,000 people, including its independent agencies.
