Kredietbank Luxembourg, the private banking unit of Belgian financial group KBC, made a €49 million ($63.7 million) contribution to group pr...

Kredietbank Luxembourg, the private banking unit of Belgian financial group KBC, made a €49 million ($63.7 million) contribution to group profits in 2004, a 44 per cent rise on the 2003 figure. KBC also said recurring synergy benefits from its private banking business are expected to reach €75 million, half of which will be achieved by 2007. KBC is keen to make further acquisitions in the private banking sector and a spokesman for the bank told Reuters that it would examine any sale of Belgian private bank Dewaay. On Saturday, Belgian newspaper De Standaard reported Dewaay, owned by HSBC, could be put up for sale.