In Antwerp, the world's largest diamond trade center, a new branch creditor has appeared - Union Bank of India opened its branch in the city on the Scheldt, Bloomberg reported.
The opening of a representative office of a financial institution from Mumbai means that five Indian credit institutions now operate in Belgium. For the diamond industry, the Antwerp office of the Union Bank of India has reserved a fifth of its loan portfolio of $ 200 million, allotted for the first year of operation of the branch, said bank president Arun Tiwari. The office in Antwerp will also provide trade finance, money transfers and syndicated loans.
Both the diamond companies and dealers who buy diamonds from diamond miners, as well as jewelers, cutters and polishers of precious stones need credit financing.