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Union Bank of India Opens Antwerp Branch
Jun 23, 2014 5:24 AM
By Deena Taylor
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RAPAPORT... Mumbai-based Union Bank of India has opened a branch in Antwerp to provide funding for diamond industry, Bloomberg reported. The bank has been supporting diamond firms with credit and loans for many decades. Its entry into Antwerp will make it the fifth Indian lender operating in Belgium, according to the country's reserve bank.
Arun Tiwari, the chairman of the bank told Bloomberg that the new Antwerp office will offer one fifth of its $200 million loan book to the diamond sector during its first year of operation. The bank will also lend to companies in other industries and provide trade finance, remittances and syndicated loans.
Currently, State Bank of India (SBIN), ABN Amro, Antwerp Diamond Bank and Standard Chartered are among the top lenders to the diamond industry.
Antwerp handles around four fifths of the world’s rough diamonds and imports most of its polished diamonds by volume from India, according to the Antwerp World Diamond Centre (AWDC).
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Tags:
Antwerp, Deena Taylor, diamonds, Union Bank of India
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