FX.co ★ China buys world's second biggest diamond bank

Chinese Yinren Group will own Antwerp Diamond Bank (ADB) which is the second largest diamond bank in the world, Belgian bank-insurer KBC reported.
The sum of the deal with the Chinese company is not disclosed. KBC said that the purchase is yet to be approved by regulatory bodies. Within the framework of the agreement, ADB’s loan portfolio will be transferred to KBC Bank N.V. Moreover, after the deal is closed, KBC will provide funding totaling 200 million euros to ADB for up to two years.
Yinren Group is an international trade and real estate industry. It also operates on the diamond market. It has its headquarters in China, Hong Kong, and Brazil. The purchase of ADB will enable Yinren Group to develop the diamond market in China.
Antwerp Diamond Bank was founded in 1934. It provides funding to buy and sell transactions of diamonds in Antwerp, Dubai, Geneva, Hong Kong, Mumbai, and New York. ADB has about 180 employees in its offices around the world. It is ranked the world’s second biggest diamond bank following Dutch ABN AMRO's International Diamond & Jewellery Group.