Operations are conducted through eight direct subsidiaries, each involved in one of the group's six main areas of business.

All other KBC Group companies are direct or indirect subsidiaries of these.

Four of the ten direct subsidiaries were operating companies:

The remaining three of the ten direct subsidiaries were:

North American Light and Power Company was by then one of the three major holding companies among the ten direct subsidiaries.

It controlled ten major direct subsidiaries in eight of which it owned at least 79%.

Washington Railway and Electric Company was by then one of the three major holding companies among the ten direct subsidiaries.

It is a direct subsidiary of Far Eastern Department Stores Ltd.

As a result of the reorganization, the Company became a direct, wholly owned subsidiary of Omnia.

Sometimes it has been a direct subsidiary of the bigger company.