On May 16, 2016, London time, ICBC Standard Bank PLC, a subsidiary controlled by ICBC, officially signed the agreement with Barclays Bank regarding the acquisition of the latter’s precious metal warehouse in London and all relevant precious metal warehousing lines. Following the acquisition, ICBC will become the first Chinese bank possessing a vault and operation capability in London. Before then, ICBC Standard Bank PLC was approved to join London Precious Metals Clearing Limited (LPMCL) as a clearing bank.

According to an official of ICBC Standard Bank PLC, this acquisition improves ICBC’s precious metal service capability, enabling it to have whole-course, one-stop international service standard and strength ranging from retail to wholesale and from physical products to account-based products, covering clearing, market making, price fixing, warehousing and risk management of precious metals.

The precious metal warehouse in London acquired by ICBC Standard Bank PLC is one of the largest in Europe, which can store gold, silver, platinum, palladium and other precious metals, and provide specialized warehousing services. As very few banks have self-supporting vaults in London’s precious metal market, the acquisition of the precious metal warehouse enables ICBC Standard Bank PLC with real clearing and whole-course business processing capabilities, making tailor-made services  such as physical metal supply and inspection possible for customers. In the future, ICBC will provide better integrated financial services and create even greater value for global customers.