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Yinren Group Acquires Antwerp Diamond Bank

Dec 19, 2013 5:13 PM   By Brian Bossetta
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RAPAPORT... Though financial details are being withheld, pending regulatory approval, Belgium-based KBC Group reached an agreement to sell the Antwerp Diamond Bank (ADB) — a top financier to the diamond industry — to the Shangai-based Yinren Group.

Under the agreement, Yinren Group — a diversified enterprise group with activities in real estate, international trade and the diamond industry — will acquire 100 percent of KBC’s participation in ADB, which accounts for virtually all (99.9 percent) of the bank's shares.

According to a KBC, the sale of ADB to Yinren will have “only a negligible upfront impact” on the KBC’s group earnings.

Prior to formalizing the deal, part of ADB’s loan portfolio — primarily the higher risk and non-performing loans with a net book value of $546 million (EUR 400 million), will be transferred to KBC Bank N.V. and put in ordinary run-down. After the deal is finalized, KBC will also provide funding to ADB totaling $273 million (EUR 200 million) on a secured basis for a maximum period of two years.

Tags: Antwerp Diamond Bank, Brian Bossetta, diamonds, kbc, Yinren Group
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