SHANGHAI, May 15 - Belgian financial services provider KBC Groep NV has decided to establish a locally incorporated banking unit in China, aiming to tap strong demand for wealth management services in the world's fastest-growing major economy, according to an internal memo.
KBC plans to increase its number of branches significantly in China, where it now has only three -- in the major cities of Shanghai, Shenzhen and Nanjing, according to the memo, obtained by Reuters on Thursday.
After incorporating locally, KBC plans to offer retail banking services to Chinese individuals, it said.
These would include regular deposit and loan services as well as fee income-based wealth management services, which are increasingly popular among the rapidly growing Chinese middle class.
A KBC representative could not immediately be reached for comment.(Reuters)
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