Diversified international conglomerate Hinduja group has decided to get hold of Luxembourg-based banking and insurance company KBC's private banking division for around Euro 1.35 billion.

The division, KBL European Private Bankers, is one of Europe's biggest onshore private banking groups with local affiliate banking institutions in 55 locations across 10 European nations.

KBL European Private Bankers had assets under management worth Euro 47 billion.

The Hinduja's banking business comprises the IndusInd Bank in India and the Hinduja Bank Switzerland.

A joint statement said, "The Hinduja group intends to grow KBL internationally by using the group's business interests in more than 100 countries."

KBL was put on the block because of a financial crisis in the parent group that has to pay back around Euro 7 billion state aid.

Mr. Srichand P. Hinduja, chairman of the Hinduja group, stated, "We plan to invest further in the business, maintaining each of the subsidiaries, while also providing KBL with access to the fast growing markets of the Middle East, the Indian subcontinent and Asia."

KBL will continue to be headquartered in Luxembourg and the current management team will be retained. (With Inputs from Agencies)