ICBC to buy Deutsche Bank's gold and silver vault

Gold Dollar

ICBC Standard Bank is buying the lease on Deutsche Bank's London gold and silver vault, enlarging its footprint in the city's bullion market, four industry sources close to the companies said on Friday.

Reuters reports that China's ICBC, which took a controlling stake in Standard Bank's London-based Global Markets business last year, has also applied to become a clearing member of the London gold and silver over-the-counter business.

No one at ICBC Standard Bank was immediately available to comment and Deutsche Bank declined to comment.

The Chinese and South African lender is aiming to fill the gap left by Western banks, which are retreating from commodities to cut costs and reduce regulatory burden.

To access the complete Reuters article hit the link below:

ICBC Standard Bank buys Deutsche's London bullion vault - sources

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