As part of a recent decision to scale back its diamond and jewelry business portfolio, ABN AMRO is now closing its lending branches in the US and Dubai, IDEX Online reports.
The bank, a “long-time major financier to the global diamond and jewelry businesses”, is closing its American branch “due to the bank’s small portfolio” and its Dubai branch “as part of a decision to terminate its United Arab Emirates diamond and jewelry business”.
The bank is set to manage its diamond and jewelry business from Belgium and Hong Kong.
In December 2017, ABN AMRO made an internal restructuring at its Diamond & Jewellery Clients (D&JC) division, making it part of the Trade & Commodity Finance (TCF) division within the Commercial & Institutional Banking business. ABN AMRO’s Diamond & Jewellery Clients has been in existence for over 100 years, and has operated out of four locations – Antwerp, Dubai, Hong Kong and New York.
