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ICBC buys gold vault in London

ICBC Standard Bank is buying a huge gold vault in London, now owned by Barclays. This will be the first time that image009the Chinese bank will have its own vault in London. The vault, located in a secret location, is being bought to help the bank improve its precious metals business. It can hold up to 2,000 metric tons of gold, silver, platinum and palladium. No financial details were given but the deal is expected to be completed in July. China accounts for more than a quarter of global gold demand but trading of the yellow metal remains centred out of London and New York. ICBC Standard Bank’s head of commodities Mark Buncombe said the purchase enables the bank to better execute on its strategy to become one of the largest Chinese banks in the precious metals market. Barclays is exiting the precious metals business as part of a restructuring aimed at making the bank smaller and more focused

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