ICICI bank, Indias second-largest lender, is expanding its diamond financing facilities by opening an office in Antwerp. %%The bank, which is expected to receive regulatory approval in December, already provides lending services to the diamond industry in India and Dubai. %%According to a banking source familiar with the situation, the move could force the existing lead banks in Antwerp to change their policies. “ICICI will have a competitive edge in terms of rates, flexibility in buying and lending against receivables, and quicker decision making,” he said. %%However, stricter compliance issues implemented in the industry over the last few years could make it more difficult for the bank to grow market share aggressively by being a more flexible lender.%%ICICI was not immediately available for comment.%%The banks arrival comes shortly after Dexia, the Belgian bank, announced it was closing down its diamond lending unit as off July 2006, citing the requirements and growing internationalization of the diamond sector, for pulling out.%%With Dexia’s departure, ABN Amro and Antwerp Diamond Bank (ADB) are the main financers in the Antwerp diamond market where 80% of the world’s rough diamonds are traded, according to the Antwerp High Diamond Council (HRD). It said 60% is controlled by Indian companies.%%ADB claims a 54% market share; it said ABN Amro the world’s leading diamond industry lender, has a 37% share of the Antwerp market.%%ICICI’s arrival in Antwerp deserves our attention, they know the ropes. They already operate from England and finance the business in India, but we will have to see with which credit modalities they will come into the market,” said Pierre De Bosscher, ADB’s managing director.%%“Anyway, anyhow, they will have to adhere to the sound practices subscribed by the diamond bankers located in Antwerp and followed up by the Commission for Finance, Banking and Assurance,” he said.%%State Bank of India is also becoming more aggressive in financing the diamond trade. Another new entrant from India, IDBI Ltd., is also expected to become a serious player, reflecting India’s position as the world’s largest diamond manufacturing centre.