KBC, the Belgian bank, said yesterday that it wanted to expand its private banking business and is forecasting net income growth in the divi...

KBC, the Belgian bank, said yesterday that it wanted to expand its private banking business and is forecasting net income growth in the division of around 10 per cent until 2008. The bank said in a statement: “KBC Group intends to bolster its integrated private banking business while maintaining a sustainable advantage in selected European markets by ... focusing on private banking clients with more than €1 million ($1.2 mllion) in investable assets.” KBC said it wanted to expand its private banking business in Western Europe and elsewhere by acquiring more clients rather other banks. KBC is one of the largest foreign banks in Central and Eastern Europe but said it not envisaging a big expansion there. “KBC does not plan to build up or seek to acquire a stand-alone private banking brand in the region (Central and Eastern Europe) in the medium term.” KBC owns the private banking group Kredietbank Luxembourg, which itself controls more than ten wealth management subsidiaries throughout Europe. These include: Puilaetco Private Bank in Belgium; KBL France; Merck Fink & Co in Germany; Brown Shipley in the UK; KBL Bank in Ireland; Fumagalli Soldan in Italy; Theodoor Gilissen in Holland; Banco Urquijo in Spain; KBL Monaco; and Kredietbank (Suisse). In March the KBL group of private banks made a profit of €49 million, a 44 per cent rise on the 2003 figure.