ING, the Dutch financial services group, is looking to increase its Indian banking unit by 50 branches this year as it seeks to expand into the country's financial and wealth management sectors, according to the Financial Times. ING Vysya Bank, which is 44 per cent owned by the Dutch bank, already has one of the largest such networks of a foreign-invested bank in India with 404 branches. "We focus on the sweet spot of everything that has to do with wealth accumulation and wealth financial management," said Michel Tilmant, chairman of ING Group. "And we do that more and more in developing markets - that's where we are putting more of our resources and India in this context is a priority." While most foreign banks in India face restrictions on new branches, ING acquired its stake in ING Vysya Bank ahead of regulations limiting foreign ownership of domestic institutions and is classed as a local bank. Aside from the bank, ING's Indian insurance business is lifting revenue at a rate of 60 per cent a year and has engaged 40,000 agents compared with 24,000 a year ago. India's economy is producing millionaires at a pace second only to South Korea, according to a study by Merrill Lynch and Capgemini.