China’s ICBC, the world’s biggest bank by assets, is buying a massive vault in London as it looks to grow its gold and precious metals business.
It will be the first Chinese lender to own a vault in London.
The vault, which is in a secret location, is being sold by Barclays and can hold up to 2,000 metric tons of gold, silver, platinum and palladium.
ICBC’s purchase will give it more influence over the trading, pricing and storage of precious metals.
1st Chinese lender to own London vault
