The ICBC Standard Bank has bought one of Europe’s largest gold vaults from Barclays.
With this step, the Chinese bank expanded its push into London’s precious metals market, which Barclays is exiting as it pulls out of precious metals.
The Independent reports that the vault, which can store 2,000 tons of gold and other precious metals such as silver, platinum, palladium, was opened by Barclays in 2012 and took more than a year to build.
CBC has stated that is wants to become one of the largest Chinese banks in the precious metals market. The acquisition of a precious metals vault allows the bank to expand its services in clearing and processing.
ICBC Standard was formed last year after Industrial and Commercial Bank of China (China’s biggest bank) bought a controlling stake in Standard Bank’s global markets business. The bank joined London’s precious-metals clearing system and also received classification as a market maker by the London Bullion Market Association.
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