Indian Bank Quits Antwerp Diamond Hub in Blow for Gem Financing
- Union Bank of India plans to close Antwerp branch within year
- Indian banks are under pressure to curtail foreign operations
Photographer: Chris Ratcliffe/Bloomberg
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Union Bank of India is pulling out of the global diamond hub of Antwerp, joining a retreat of lenders from the industry, which has been hit by fraud and bad debt.
The bank has given notice that it will close its branch in the Belgian port city within a year, according to Chief Executive Officer Rajkiran Rai Gundyadka.