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State-owned Union Bank of India has decided to quit the Antwerp diamond hub in Belgium as the branch did not generate expected business, a senior bank official said. The Finance Ministry had advised all the public sector banks to review their overseas business and close branches that are not profitable as part of strategy to conserve capital. According to the official of Union Bank of India, the bank has already filed for the closure of the branch and the process related to shutting the office is being followed.
Source : https://www.thehindu.com/todays-paper/tp-business/union-bank-to-exit-antwerp-hub/article24963516.ece
