The Star Early Edition

ICBC enlarges its bullion footprint


ICBC STANDARD Bank was buying the lease on Deutsche Bank’s London gold and silver vault, enlarging its footprint in the city’s bullion market, four industry sources close to the companies said on Friday. China’s ICBC, which took a controllin­g stake in Standard Bank’s London-based Global Markets business last year, has also applied to become a clearing member of the London gold and silver over-the-counter business. No one at ICBC Standard Bank was immediatel­y available to comment and Deutsche Bank declined to comment. The Chinese and South African lender is aiming to fill the gap left by Western banks, which are retreating from commoditie­s to cut costs and reduce regulatory burden. – Reuters

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