Union Bank of India exits Antwerp diamond market

State-owned Union Bank of India has decided to quit Antwerp diamond hub in Belgium as the branch did not generate expected business, a senior bank official said. The finance ministry had advised all the public sector banks to review their overseas business and close branches which are not profitable as part of the strategy to conserve capital. According to the official of Union Bank of India, the bank has already filed for the closure of the branch and process related to shutting the office is being followed. Accounts are being transferred and manpower is also being relocated as part of closure process, the official said. The bank opened this branch in Belgium in June 2014.