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ICICI Bank from India Shuts operations in Antwerp

Another blow to Diamond Financing

The New Jeweller Bureau:

India's ICICI Bank is withdrawing from diamond trade financing after more than a decade of operations in the Diamond city of Antwerp. The process of shutting down would compete by March end and Diamond companies in Antwerp have been asked to finalise closure before the financial year end.

The Antwerp branch of the bank, which opened in Antwerp in May 2006, is a unit of India's ICICI Bank Ltd. which is based in India and serves the private sector.

ICICI's decision follows that of Union Bank of India to pull out of the Antwerp diamond centre. Union Bank gave notice last September that it will close its branch in the Belgian port city within a year. The closure is destined to hit many Indian companies operating in Antwerp.