Belgian bank Belfius reportedly announced on Tuesday that it is introducing a new facility hub in Lisbon, marking a significant shift where 500 employees will manage administration operations within the next five years.

The bank assigned duties from its IT and Operations Departments to the Portuguese capital, including work related to artificial intelligence, payments and fraud prevention.

In this connection, Belfius spokesperson Ulrike Pommee said: “By the end of next year, we will have 218 positions in Portugal. In five years, there will be 500 people.”

Pommee stressed that the bank will continue to build its workforce in Belgium and that the project will not result in layoffs.

She was of the view that several employees are anticipated to retire in the coming years. Their roles will subsequently be replaced in Belgium and partly in Portugal.

This project was launched in partnership firm Accenture and will initially operate as a joint venture before Belfius takes full control in three to five years. In line with the recent announcement, trade unions voiced apprehension about the decision. 

Valerie Scherpereel of the Flemish Christian clarified that the rapid job placement on employment appeared restricted, adding that she is concerned about opening a “Pandora’s box.”

It has been observed that 40 people in Belgium will be required to transform roles as a result of the transition. 

Conversely, management clarified that there is a suitable position for everyone involved, and unions are considering how best one can provide support for these staff members.

It is pertinent to note that Belfius currently employs around 10,000 people including its independent authority.