KBC Groep NV (KBC) plans to create a single board of directors for its bank and insurance units to reduce costs, De Tijd said, citing KBC spokesman Stef Leunens.

KBC would cut the cost of holding board meetings by 40 percent by holding them on the same day and paying board members for attending one, the newspaper said. KBC didn’t give an estimate for the savings.

To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net