China’s Yinren Group is buying the Antwerp Diamond Bank (ADB), one of the diamond industry’s main financiers, especially for the Belgian trade, by its owner, the KBC financial group, to the Yinren Group of China.
The financial details of the deal, which is subject to regulatory approval, are not being disclosed. KBC announced that pending completion of the deal, Antwerp Diamond Bank will continue to carry out business as usual.
The Yinren Group will acquire 100 percent of KBC’s ownership in ADB, which represents 99.9 percent of ADB’s shares.
The ADB brand, management team and operations will be maintained and its headquarters will stay in Antwerp. ADB’s business activities in Mumbai, Hong Kong and Dubai will continue and be further developed, KBC said in a statement.
Meanwhile, the Yinren Group said the agreement would enable it to provide ADB with “access to the entire diamond value chain in Asia and Greater China, in particular”.
Johan Thijs, CEO of KBC Group NV, commented: “Because of Antwerp Diamond Bank’s very specific business activity in a niche market, this divestment turned out to be a challenging project, though one which we have managed to conclude successfully. Antwerp Diamond Bank is a strong brand and a leading player in the diamond banking industry, with a long and rich history, and committed staff. We are convinced that the Yinren Group will develop Antwerp Diamond Bank’s business going forward, securing the future of its staff and ensuring that quality service will continue to be provided to its customers.”
And ADB CEO Pierre De Bosscher said: “We welcome the Yinren Group as our new shareholder. The Yinren Group fully supports our customer-oriented model and strategy and has a valuable long-term strategic outlook. We look forward to working closely with our new shareholders in further developing the bank’s global capabilities and business plan. We are convinced that our customers and staff will benefit from the commitment and support the Yinren Group has shown during the acquisition phase.”
The Yinren Group is a diversified business, involved in real estate, international trade and the diamond industry. The group has operations in mainland China, Hong Kong and Brazil.
“The acquisition of ADB will allow Yinren to leverage upon ADB’s know-how, network and brand reputation in view of the further development of the Chinese market, and to play a role in the interaction between the world’s main diamond centers (including Antwerp, Mumbai, Dubai and Hong Kong) and the upcoming centers of the Far and Middle East. The Yinren Group is now able to add financing of the diamond sector to its scope of activities,” the Chinese firm said.
