| ICBC Standard Bank Plc expanded its push into London’s precious metals market by agreeing to buy one of Europe’s largest vaults from Barclays Plc. ICBC Standard, formed last year after Industrial and Commercial Bank of China Ltd. — China’s biggest bank — bought a controlling stake in Standard Bank Plc’s global markets business, expects the purchase of the vaulting business and related contracts to be completed in July.
No financial details were given. About US$5 trillion of transactions are cleared every year in London’s gold market, which Barclays is exiting as it pulls out of precious metals...............................................Full Article: Source
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