China’s ICBC Standard Bank has agreed to buy Barclays’ London bullion vault, which can store up to 2,000 metric tons in gold, silver, platinum and palladium.
Location of the vault, which was opened by Barclays in 2012, remains a secret. The deal makes ICBC the first Chinese bank to own a vault in London.
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Barclays announced its intended exit from precious metals in January 2016 and moved the business into Barclays Non-Core.
Commenting on the sale, John Mahon, co-head of Barclays Non-Core, said: "This sale represents further progress with our Non-Core rundown as we work to simplify Barclays’ operations and achieve our cost and capital reduction commitments."
Financial details of the deal, which is expected to be completed in July 2016, were not disclosed.
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