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ABN Amro Scales Back Diamond Lending

Bank closing US and UAE offices.
May 21, 2018 8:16 AM   By Rapaport News
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RAPAPORT... ABN Amro is terminating its diamond and jewelry lending business in the US and the United Arab Emirates (UAE), the Amsterdam-based bank said.

The lender decided to end its services to the US industry due to its “very small portfolio,” a spokesperson for the company said Monday. The bank will also close its office in Dubai for diamond and jewelry clients as part of a move to end its overall presence in the UAE, the spokesperson added. The group made the decision on May 14, and aims to wind down the New York office by the end of 2018, before closing the Dubai activities at a later stage.

“We are in close contact with our diamond and jewelry clients in these locations to find alternative solutions,” the Dutch bank continued. “ABN Amro will continue to manage its diamond and jewelry client portfolio in Belgium and Hong Kong, with a focus on existing clients, and work to further improve the risk profile of those portfolios.”

ABN Amro has reduced its exposure to the diamond industry in recent years, it said. The company recorded $48.1 million (EUR 41 million) of impairments in the first quarter due to “challenges” in the sector, it noted in a presentation earlier this month.

“The diamonds and jewelry portfolio has declined over the years, and continues to face challenging market circumstances,” the lender stated.
Tags: ABN Amro, Banking, Banks, Belgium, credit, Dubai, finance, Hong Kong, lending, Rapaport News, the United Arab Emirates, uae, US
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