ICBC Standard Bank, China’s largest bank, plans to buy a gold vault in London. The deal "enables us to better execute on our strategy to become one of the largest Chinese banks in the precious metals market," the bank official said. In case the deal is completed, ICBC Standard Bank will be the first Chinese owner of the vault in London.
Barclays had announced the sale of its precious metals storage business. The vault can store 2,000 tons of gold, silver, platinum and palladium.
According to the source, the deal will be completed in July and will boost ICBC Standard Bank’s access to the precious metals market, its pricing and storage.
The financial details of the sale were not unveiled.
China accounts for more than a quarter of the world’s gold demand but London and New York remain the main gold trading floors.
