National Bank of Fujairah to fill gap in financing left by Antwerp Diamond Bank | The National

National Bank of Fujairah to fill gap in financing left by Antwerp Diamond Bank | The National:



"National Bank of Fujairah (NBF) said it would step in and meet the funding needs of diamond manufacturers and traders after the Antwerp Diamond Bank (ADB), once a leader in its field, closed its global operations last year.



NBF’s move to create a specialised team to fund diamond cutters, polishers and traders comes as Dubai vies with Antwerp, Belgium, to become the world’s biggest diamond hub.



The Fujairah-based lender said it had brought on board industry experts from ADB, which had a Dubai office, to run its new division and will focus mostly on providing short-term purchase and sales financing to established diamond businesses that ship raw diamonds from producing countries in Africa and Europe to manufacturers in India and the Far East. ADB shut its doors after its owner, KBC Bank in Belgium, failed to find a buyer."



'via Blog this'