Union Bank of India has decided to exit Antwerp diamond hub in Belgium as the branch did not generate expected business. 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 finance ministry had advised all the public sector banks to review their overseas business and close branches which are not profitable as part of strategy to conserve capital.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.
