Belgium-based KBC Bank is, reportedly, set to expand its workforce by adding 200 new staff, as part of plans to move out of business banking and focus on growing retail banking business.

The announcement comes after the lender reported increase in deposit base to €2.9bn, despite incurring losses of €864m in 2013.

KBC Bank CEO, Wim Verbraeken, was quoted by the Irish Independent as saying that new deposits have helped reduce the bank’s funding costs by replacing other financing, and are funding a future lending balance sheet.

KBC Bank, which increased its staff count from 500 in 2007 to approximately 1,000 at present, is also planning to roll out three new hubs or branches in Dublin’s Grand Canal Dock and Stillorgan in the near future.

The addition of three new hubs will take the total count of KBC’s hubs to ten.

KBC Bank is also reported to have added 34,000 new customers during the year.