Antwerp Diamond Bank Divestment

I heard Antwerp Diamond Bank had been earmarked for divestment as part of KBC’s strategic plan, is this statement true , will you plz tell me about this ??

[pawan]

Antwerp Diamond Bank is a small, 75-year-old bank that specializes exclusively in serving the diamond and the diamond jewelry sector.

Yes Antwerp Diamond Bank had been earmarked for divestment as part of KBC’s strategic plan approved by the European Commission in 2009 because the ADB business model required investments in markets and financial services which were both geographically and inherently no longer considered to be core activities of KBC.

Antwerp Diamond Bank has offices covering all the major traditional as well as emerging diamond centers such as Antwerp, Dubai, Geneva, Hong Kong, Mumbai and New York.

At persant time the ADB group employs approximately 160 people worldwide, of whom about 110 work at the head office in Antwerp.

Antwerp Diamond Bank is currently a wholly owned subsidiary of KBC Bank, however, European Competition Commission directed KBC to divest the bank as part of the terms of the Belgian government's bail-out of KBC.

Antwerp Diamond Bank
30 Cecil St, Prudential Tower, Singapore 049712