ABN AMRO Closes HK Diamond Branch, Antwerp Division Remains

Finance and Trade
13/08/2020 21:00

ABN AMRO, the Dutch bank, is closing its Hong Kong diamond business as part of a global trimming of the bank's operations, predominantly outside of Europe. In 2018, ABN AMRO already shut down its US and Dubai diamond operations. A few months ago, the bank reported a net loss of 395 million euros, the first loss in years, and announced it would be reviewing its strategy. Antwerp will be the only remaining diamond and jewellery branch, as a spokesperson of the bank confirmed to Rapaport, where the bank specializes in financing rough purchases up to 65% of the value of the rough.