Wells Fargo May Buy KBC Banking Unit

Wells Fargo & Co.is seeking to acquire the private banking business of Belgian bankKBC Group,The Wall Street Journal报告。The U.S. lender may submit a bid forKBL European Private Bankers.

The sale is part of a restructuring deal with theEuropean Commissionto repay government aid that the Belgian bank received during the financial crisis. In May, KBC decided to sell the business to family-owned Indian investment firmHinduja Groupfor €1.35 billion, but the deal was called off.

Click here for the story fromThe Wall Street Journal.