State-owned ICBC Standard Bank has agreed to buy Barclays precious metals storage business
The Chinese state-owned ICBC Standard Bank, the world’s biggest bank by assets, has agreed to buy Barclays precious metals storage business, including its state-of-the-art storage facility in London.
The deal will boost China’s access to London’s gold market, and expand the country’s role in the gold business.
The vault is in a secret location in London, and can store 2,000 tonnes of gold and other precious metals. At current prices, up to $90 billion worth of gold could be stored inside.
Read the full article at: money.cnn.com
