Union Bank of India has opened a branch in Antwerp, joining other Indian lenders in Belgium, reports say. As per reports, Union Bank noted that it has been serving the diamond industry in India for a number of decades and having an office in the global diamond trading hub, it will also serve the diamond industry here, along with other industries.

In the first year, the Antwerp office plans to allot one fifth of its loan book worth $200 million to diamonds, reports suggest. It will also undertake trade finance, remittances and syndicated loans, reports say.

With its entry, there are now five Indian lending institutions in Belgium, reports add.