The Chinese Yinren Group will become the owner of the Antwerp Diamond Bank (ADB), which is the world's second-largest diamond bank. The transaction was announced by the Belgian financial group KBC, which includes ADB.
The amount of the transaction is not disclosed. Regulatory bodies still have to approve the purchase, Rosbalt reports with reference to Lenta.ru.
As part of the agreement, the ADB loan portfolio will be transferred to KBC Bank NV assets. In addition, after the deal is closed, KBC Group will provide ADB financing for 200 million euros for a minimum of two years.
Yinren Group is engaged in international trade, real estate, and also works on the diamond market.
Antwerp Diamond Bank was founded in 1934 and provides financing for diamond purchase and sale transactions.