Chinese bank buys London gold vault

[webfact]

ICBC to be first Chinese lender to own London vault

LONDON: -- China's ICBC, the world's biggest bank by assets, is buying a massive vault in London as it looks to grow its gold and precious metals business.

It will be the first Chinese lender to own a vault in London.

The vault, which is in a secret location, is being sold by Barclays and can hold up to 2,000 metric tons of gold, silver, platinum and palladium.

Full story: http://www.bbc.com/news/business-36309062


-- BBC 2016-05-17

[sanukjim]

If The UK exits The EU this vault will be more valued then the rest of the country.

[wabothai]

why is Barclays selling to the Chinese?

[casualbiker]

why is Barclays selling to the Chinese?

Because they have the money!

[attento]

Who thought it was necessary to announce a new ownership ? What is the PR angle here ? Surely Barclays have no interest in broadcasting their loss of assets, and the Chinese are usually secretive about such matters.

At least it shows that the Chinese don't believe that Brexit would diminish London as a significant, international financial centre.

Edited May 17, 2016 by attento

[SOUTHERNSTAR]

why is Barclays selling to the Chinese?

Because they have the money!

and the gold to put in the vault.

[Khon Kaen Dave]

Barclays are selling to china because the Ferenghi weren't interested when the price went over 2000 bars of cold pressed latinum.

[billd766]

They could have stored it at the Bank of England.

The vault there isn't used much since Gordon Brown flogged of most of the gold in the UK reserves.

http://www.mirror.co.uk/news/ampp3d/final-word-gordon-browns-gold-5614853

https://en.wikipedia.org/wiki/Sale_of_UK_gold_reserves,_1999%E2%80%932002

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/03/gold_and_gordon_brown.html

http://www.ft.com/cms/s/0/5788dbac-7680-11e0-b05b-00144feabdc0.html#axzz48vEgImmo

[Publicus]

Who thought it was necessary to announce a new ownership ? What is the PR angle here ? Surely Barclays have no interest in broadcasting their loss of assets, and the Chinese are usually secretive about such matters.

At least it shows that the Chinese don't believe that Brexit would diminish London as a significant, international financial centre.

CCP Boyz in Beijing want UK out of the EU cause with all the new CCP investment there it opens the door to Britain becoming a tributary state of China......

Doesn't look like Harriet Tubman from here

CCP Boyz in Beijing already own a controlling stake in Standard Bank so why should the Boyz not do business with Barclay's Bank eh...

On 1 February 2015, Industrial and Commercial Bank of China Limited (ICBC) acquired a controlling stake in Standard Bank’s London-based Global Markets business. The acquisition included Standard Bank Plc, the Standard Bank Group's UK subsidiary and the primary legal entity in the UK, as well as other international operations. Standard Bank Plc was subsequently renamed ICBC Standard Bank Plc to incorporate the new parentage.

The union of ICBC and Standard Bank creates a platform to serve the growing demands of Chinese clients for global commodities, fixed income, currency and equities products while continuing as a distribution platform for African risk.

https://www.icbcstandardbank.com/CorporateSite/AboutUs/Overview

Youse Brits around here speak any Mandarin?

Arabic maybe??

[keemapoot]

^ Not sure if it's intentional or not, but just wanted to point out that Standard Bank, with South African origins is not THE Standard Chartered Bank, and only started operations in London in 1992. So, intimations that UK banks are now shark bait for China are greatly exaggerated.

[Publicus]

This vault purchase at the CCP-South African bank is a carryover from the now defunct Brics and their DoA Development Bank (the 's' in the kaput Brics being South Africa).

That is, to have CCP Boyz in Beijing as major players in setting the price of gold....physical gold. CCP now has physical gold equal to that of the USA and also the Eurozone. London is the place given it hosts the Gold Bullion Market Association that super secretly sets the price of gold twice daily....keeping it low much to the chagrin of the gold bugs who believe gold is the ultimate currency. The gold bugs certainly have disdain of fiat money.

Regardless, the gold bugs led by the CCP Boyz actually think the Parker Brothers' yuan/rmb backed by gold can become the global reserve currency replacing the usd. Hence the image in my post above of the new global $20 certificate "In Gold Coin."

The Brics are gone but the fantasy goes on.

Edited May 18, 2016 by Publicus

[attento]

Who thought it was necessary to announce a new ownership ? What is the PR angle here ? Surely Barclays have no interest in broadcasting their loss of assets, and the Chinese are usually secretive about such matters.

At least it shows that the Chinese don't believe that Brexit would diminish London as a significant, international financial centre.

CCP Boyz in Beijing want UK out of the EU cause with all the new CCP investment there it opens the door to Britain becoming a tributary state of China......

Doesn't look like Harriet Tubman from here

CCP Boyz in Beijing already own a controlling stake in Standard Bank so why should the Boyz not do business with Barclay's Bank eh...

On 1 February 2015, Industrial and Commercial Bank of China Limited (ICBC) acquired a controlling stake in Standard Bank’s London-based Global Markets business. The acquisition included Standard Bank Plc, the Standard Bank Group's UK subsidiary and the primary legal entity in the UK, as well as other international operations. Standard Bank Plc was subsequently renamed ICBC Standard Bank Plc to incorporate the new parentage.

The union of ICBC and Standard Bank creates a platform to serve the growing demands of Chinese clients for global commodities, fixed income, currency and equities products while continuing as a distribution platform for African risk.

https://www.icbcstandardbank.com/CorporateSite/AboutUs/Overview

Youse Brits around here speak any Mandarin?

Arabic maybe??

Arabic and Putonghua are not too much of a problem. It is translating the American language that causes headaches.