Belgium's KBC Groep NV to incorporate in China

KBC Groep NV, one of the major financial groups in Europe, plans to set up a locally incorporated banking unit in China, in an attempt to tap the great potential demand for wealth management services in the country, according to sources.

The company is aiming to increase its number of branches dramatically in the world's fastest-growing major economy, from three outlets currently.

The newly incorporated unit is expected to offer retail banking services to Chinese people, including regular deposit and loan services as well as fee income-based wealth management services.