ICBC Standard Bank is buying Barclays’ London precious metals vault, giving the Chinese bank the capacity to store gold worth more than US$80bn in the secret location.
The vault is one of the largest in Europe, with a capacity to hold 2,000 tonnes of gold, silver, platinum and palladium. It has been operational since 2012.
ICBC Standard Bank said on Monday it has signed an agreement to buy the vaulting business and transfer the associated contracts, subject to consent. The deal is expected to complete in July.