In a letter circulated to clients just before the turn of the year, India’s ICICI Bank UK Limited (Industrial Credit and Investment Corporation of India) announced it will be shutting down its branch in Antwerp effective March 29, 2019, bringing an end to its diamond trade financing. The last working day of the branch will be March 28, 2019, and clients were requested to close their accounts by February 28. The bank entered the Antwerp market in 2006.
The 100-year-old Indian diamond house and one of the largest in the trade, Shrenuj & Co., has run into trouble as lenders tighten their grip on the group which has survived across four generations, reported The Economic Times last week. Banks - including Bank of India and ICICI - with a combined exposure of around $450 million, have obtained a court order to repossess the company's diamond inventory and restrict the promoters' travel.