Union Bank of India opens branch in Antwerp diamond district

Earlier this week, Mumbai-based Union Bank of India opened a branch in the heart of the diamond district in Antwerp.

With the global diamond industry having to adapt to tightened financing, the the presence of a new lender in the heart of the global diamond industry is very much welcomed. A fifth of the bank’s $200 million loan book will go towards diamonds, in its first year of operations.

“AWDC congratulates the Union Bank of India on the opening of a branch in the heart of the world’s leading diamond hub.  With an unrivalled critical mass of diamantaires and a crucial role in the global diamond business, Antwerp is a logical choice for financing institutions. This is an exciting development and we are very enthusiastic about a new bank opening its offices in Antwerp and contributing to the growth of the diamond industry, “ says CEO Ari Epstein.

The opening of the branch by Chairman Arun Tiwari was attended by AWDC President Stéphane Fischler, AWDC CEO Ari Epstein, AWDC Vice President Kaushik Mehta and Board Member Ramesh Patel.