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India’s Union Bank Leaves Antwerp

Diamond division did not generate expected business, says CEO.
Sep 6, 2018 5:17 AM   By Rapaport News
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RAPAPORT... Union Bank of India will close its branch in Antwerp, citing the weak performance of its diamond division, Bloomberg reported.

The office will shut within a year, the news service last week cited Rajkiran Rai Gundyadka, the bank’s CEO, as saying. The Belgian city failed to produce “the expected amount of business, particularly from the diamond sector,” Gundyadka said, according to the report.

“The viability of the branch isn’t established,” the executive added.

Union Bank’s move follows Dutch lender ABN Amro’s closure of its diamond and jewelry lending operations in the US and the United Arab Emirates, which it announced earlier this year. Belgium’s KBC wound down its Antwerp Diamond Bank in 2014, while London-based Standard Chartered decided to cease offering credit to the midstream two years ago.

Image: The Port House, Antwerp. Credit: Max Pixel
Tags: Antwerp, Banking, Belgium, credit, lending, Rapaport News, Union Bank, Union Bank of India
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