Union Bank Of In­dia To With­draw From An­twerp Di­a­mond Mar­ket

Solitaire - - SPECTRUM -

State-owned Union Bank of In­dia (UBI) has de­cided to shut its four-year-old An­twerp branch ow­ing to a lack of busi­ness from the di­a­mond district, sev­eral me­dia out­lets have re­ported.

Bloomberg quoted UBI chief ex­ec­u­tive of­fi­cer Ra­jki­ran Rai Gundyadka as say­ing that the An­twerp branch would be closed within a year as it didn’t gen­er­ate “the ex­pected amount of busi­ness, par­tic­u­larly from the di­a­mond sec­tor,” Gundyadka said. “The vi­a­bil­ity of the branch isn’t es­tab­lished.”

The open­ing of UBI’s An­twerp branch in June 2014 was hailed by the di­a­mond in­dus­try. At the time, it was re­ported that a fifth of the bank’s $200 mil­lion loan book would go to­wards di­a­monds in its first year of op­er­a­tions.

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