Union Bank of India to exit Antwerp

State-owned Union Bank of India has decided to quit 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 which are not profitable as part of strategy to conserve capital.

According to the official of the Union Bank of India, the bank has already filed for the closure of the branch and process related to shutting the office is being followed.