NEWS

Latest News

India’s ICICI Bank Exits Antwerp

January 09, 2019



RAPAPORT... India’s ICICI Bank will shut its branch in Antwerp on March 29, becoming the latest lender to quit the Belgian diamond market.

The move followed a strategic review of ICICI’s business operations in the country, a spokesperson for the company confirmed Wednesday. The bank has asked customers to close their accounts by February 28, according to a December 28 note to its clients, seen by Rapaport News.

India-based Union Bank also announced it was leaving the Antwerp market last year, citing the disappointing performance of its diamond business. Belgium’s KBC closed its Antwerp Diamond Bank in 2014, while London-based Standard Chartered stopped extending credit to the midstream in 2016.

Image: ICICI Bank headquarters in Mumbai. (Wikimedia Commons)

Article originally published on Diamonds.net here

More News

  • News Thumbnail

    March 20, 2019

    Rapaport Weekly Market Comment

    Low expectations for Basel show amid weak large-stone demand and fewer diamond, jewelry and watch exhibitors. US stable, with good orders for…

  • News Thumbnail

    March 20, 2019

    India: Polished Trading Slow

    Sentiment weak amid slow polished trading. Foreign buyers looking for bargains and pushing for deeper discounts on goods below 0.50 ct. Local…

  • News Thumbnail

    March 20, 2019

    Nirav Modi Arrested in London

     Fugitive jeweler Nirav Modi was arrested in central London Tuesday on behalf of Indian authorities, the city’s police said. Modi will appear…