Chinese bank buys one of Europe’s biggest precious metals vaults

A London vault that can store 2,000 tons of gold and other precious metals is being sold by Barclays Plc to ICBC Standard Bank.

The vault, built is 2012, is located in a secret location in London, and its acquisition will help the Chinese ICBC Standard Bank become one of the biggest players in the precious metals market.

According to Bloomberg, about $5 trillion of transactions are cleared every year in London gold market, which Barclays is exiting as it pulls out of precious metals.

ICBC Standard last week joined the city’s precious-metals clearing system and last month won classification as a market maker by the London Bullion Market Association, Bloomberg reported.

HSBC Holdings Plc and JPMorgan Chase & Co. are among others operating gold vaults in London, it said.

 

 

 

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