ICICI Bank Closing Antwerp Diamond Branch by March 29

India’s ICICI Bank is withdrawing from diamond trade financing in Antwerp after more than 12 years of operations in the Belgian diamond center.

The bank has asked clients to close their accounts before the end of February as ICICI Bank UK PLC will be shutting down in the city on March 29.

The bank opened its Antwerp branch in May 2006.

It is a subsidiary of India’s ICICI Bank Ltd. which is based in Mumbai.

The latest closure is a blow to the Antwerp industry, coming after that of Union Bank of India which announced last September that it will close its branch in the Belgian port city within a year.