ML-Implode News - China's ICBC Buys 2,000-Ton London Gold Vault From Barclays

"This enables us to better execute on our strategy to become one of the largest Chinese banks in the precious metals market," Mark Buncombe, head of commodities at ICBC Standard Bank, said in the statement. "The acquisition of a precious metals vault allows us to expand our services in clearing and processing."
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The vault, which can store 2,000 tons of gold and other precious metals such as silver, platinum, palladium, was opened by Barclays in 2012 and took more than a year to build. The location of the vault is secret, but the lender has said it's within the M25 road that orbits London. Its decision to exit the business comes as U.S. and European Union regulators investigate whether at least 10 banks -- including Barclays, JPMorgan Chase & Co. and Deutsche Bank AG -- manipulated prices of precious metals such as silver and gold.

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China's ICBC Buys 2,000-Ton London Gold Vault From Barclays