ABN AMRO Considering Israeli Branch, 'Would Increase Financing to Israeli Diamond Trade'
June 16, 11
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Victor van der Kwast, the CEO of ABN AMRO Bank International and Diamond Jewelry Group (ID&JG) is visiting
The Israeli diamond industry has been seeking additional financing for its activities for a number of years and even more so since the 2009 recession.
Van der Kwast said during his visit to
IDE President Avi Paz, who initiated their visit to
During their visit, van der Kwast met with David Zaken Supervisor of Banks at Bank of Israel, together with Paz and IDI Managing Director Yair Cohen. Zaken expressed support for ABN's entry.
According to Cohen, the Israeli diamond industry's credit totals approximately $1.7 billion. "Our immediate target is to increase this to $3 billion.”
ABN AMRO is the leading bank in the global diamond industry, accounting for approximately 25% of the total financing of the industry worldwide.
Paz feels that ABN AMRO understands the tremendous growth potential of the Israeli diamond industry "I am convinced that both they and we would benefit from their starting activities in the Israel Diamond Exchange," he said, adding that "We will continue our efforts to promote this.”