Antwerp, the world’s biggest trading hub for uncut diamonds, gets a new lender to the industry today as Union Bank of India opens a branch in the Belgian city.
The move by the Mumbai-based company means that five Indian lenders will be active in Belgium, according to the country’s central bank. The Antwerp office, in the heart of the city’s diamond district, will dedicate a fifth of its $200 million loan book to diamonds in the first year, Union Bank Chairman Arun Tiwari said in an interview in the Belgian city. The office will also undertake trade finance, remittances and syndicated loans.