China’s ICBC Standard Bank announced today that is has agreed to buy Barclays’ London precious metals vaulting business in a move to broaden its capabilities in precious metals clearing and storage services.
Barclays non-core rundown continues with the sale of its precious metals vault.
The agreement, for which the financial terms have not yet been revealed, is expected to be completed in July and will make ICBC Standard the only Chinese bank to operate a vault in London, a key trading and storage centre for precious metals.
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