ABN AMRO, a long-time major financier to the global diamond and jewelry businesses, is closing its branches in the United States and Dubai, according to a transcript of comments made by officials to journalists and analysts.
The American branch is being closed due to the bank's small portfolio.
Meanwhile, the Dubai branch is being shuttered as part of a decision to terminate its United Arab Emirates diamond and jewelry business.
The bank is helping its customers in the US and Dubai diamond and jewelry business to find alternative bank financing.
The bank aims to manage its diamond and jewelry business from Belgium and Hong Kong.
The bank made its decision based on the shrinking diamond and jewelry business portfolio.
