by Francesca Washtell, City A.M.:
Barclays has signed an agreement to sell its precious metals storage business in the UK to ICBC Standard Bank.
ICBC Standard Bank, which is a union of Chinese ICBC and the Standard Bank Group, will acquire the precious metals vaulting business for an undisclosed sum to expand its commodities capabilities in metals clearing and storage services.
The vault is one of the largest in Europe and is used to store gold, silver, platinum and palladium in support of the London Market.
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