Union Bank to exit Antwerp hub

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

About ChinmayaIAS Academy - Current Affairs

Check Also


CONTEXT: Recently, Bitcoin, the cryptocurrency, has crossed 20,000 US dollars in value. Bitcoin’s price has …

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Free Updates to Crack the Exam!
Subscribe to our Newsletter for free daily updates