Antwerp Diamond Bank will be shutting down and its employees absorbed into parent company KBC, according to KBC. The foreign offices will be closed, as the New York City office has already shut down.
“KBC will carry out this process with respect for its clients and the contractual arrangements agreed with them,” the bank said in an official statement, reported JCK. “No new loans will be granted at ADB and no new business developed. The rundown process will be carried out through a merger by absorption in which ADB will be absorbed into KBC.”
The announcement noted that the company is open to a future acquisition of a part of or all activities of ADB, unless it causes additional financial burden.
“There is still room to find a solution, to keep the financing levels of the Antwerp diamond sector at market comfort levels,” Antwerp World Diamond Centre said, JCK reported. CJ
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
