AWDC Aiming To 'Guarantee Sustainable Solution' For ADB ClientsOctober 05, 14
"Sound and reliable financing are a critical factor for a successful diamond trade in Antwerp. AWDC has been following this crucial dossier for our sector for some time and now that the wind down has begun, we are in constant consultation with ADB. As a result, a number of safeguards have been obtained."
The AWDC said that the wind-down would consist of several phases, with their impact varying from customer to customer.
"AWDC will inform the sector concerning the state of play of this crucial matter. Given the confidentiality obligations of banks with respect to their clients, AWDC cannot intervene in individual cases. AWDC has, however, ensured that a number of agreed principles will be guaranteed."
For companies with loans at ADB, each client will be invited to an individual conversation with his ADB account manager, where a tailored plan will be worked out concerning the loan settlement. The client may propose his or her own settlement plan.
Those who only have an account at ADB and are not borrowers and have an alternative account at another bank will be asked to gradually phase out their account by December 31, 2014. In such cases, the continuity of their trading activities will not be compromised.
In cases where companies do not have an alternative account at another bank, they will be able to keep their account until after December 31 until an alternative is found so as not to compromise the continuity of their trading activities.
"AWDC is making all possible efforts to find a sustainable solution within an as short as possible time frame, so that on the one hand SMEs [Small and Medium-Size Enterprises] have the necessary protection and perspectives for the future, and on the other hand have sufficient alternatives to finance their business."
The AWDC is inviting industry members who have general questions concerning the closure of the Antwerp Diamond Bank to contact it.