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Union Bank of India exits Antwerp diamond market
State-owned Union Bank of India has decided to quit Antwerp diamond hub in Belgium as the branch did not generate expected business, a senior bank official said. According to the official of Union Bank of India, the bank has already filed for the closure of the branch and process related to shutting the office is being followed. Banks have become very cautious with regard to diamond finance after the country's biggest fraud of about Rs 14,000 crore perpetrated by diamond jeweller Nirav Modi.
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