ABN AMRO Closing Diamond And Jewelry Business Branches

(IDEX Online) – ABN AMRO, a long-time major financier to the global diamond and jewelry businesses, is closing its branches in the United States and Dubai, the bank said.

"The decision to close our Diamond & Jewellery Clients office in Dubai is linked to the decision to discontinue our overall presence in the UAE due to lack of scale," the bank said.

"We will discontinue our local Diamonds & Jewellery Clients service in the USA, due to the very small portfolio. We are in close contact with our Diamond & Jewellery clients in these locations to find alternative solutions.

"ABN AMRO will continue to manage its Diamond & Jewellery Client portfolio in Belgium and Hong Kong with focus on existing clients and work to further improve the risk profile of those portfolios," it added.