The week in business: 21 November
Primark opens in Brussels, Regus opens business lounges in railway stations and an overview of the rest of the week's business news
Supermarkets – Carrefour
Retail – Primark
The Irish discount clothing chain is opening its new downtown Brussels outlet on 10 December to take advantage of holiday shopping. The new store is located on Nieuwstraat, and the company plans to eventually open outlets in Ghent, Antwerp and Hasselt.
Banking – KBC
Flanders’ largest financial institution is on the brink of fulfilling the conditions set by the EU for its €7 billion bailout by public authorities in 2009. The bank’s balance sheet total dropped 22% and assets by 37% following the sale of Centea, Fidea, KBL Private Bankers, Poland’s Kredyt Bank and Russia’s Absolut Bank, among others. KBC is also poised to pay out the outstanding €2 billion of public money it received, three years earlier than expected.
Banking – Puilaetco
The Brussels-based assets management and private bank, controlled by the Qatari Precision Capital company, has acquired the local subsidiary of the Swiss UBS bank. The move, which will boost Puilaetco’s assets under management to well over €10 billion, also includes the UBS offices in Ghent and Antwerp. Not included, however, are the activities and staff under investigation by the tax authorities for fraud and money laundering.
Office space – Regus
The UK-based temporary offices group is opening four express business lounges in railway stations in Flanders, including Antwerp, Leuven, Bruges and Sint-Niklaas. They are also opening three in Brussels – in South Station, Central Station and Luxembourg Station.
Hotels – Texaco
The US-based oil group is investing €18 million to renovate its services station along the E40 motorway at Groot-Bijgaarden and build a 40-room three-star hotel on the site. The new facility, to include two restaurants and retail shops, will replace an ageing Best Western property.
Metals – Nyrstar
The Brussels-based zinc and non-ferrous metals group is believed to have become a target of Trafigura, the international commodities trading and logistics group. Trafigura has built a 15% stake in Nyrstar, and shares have shot up by nearly 30% since their October low.
