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Barclays is selling its precious metals storage business in the UK, including its vaulting facility and, subject to counterparty consent, the transfer of the associated client and operational contracts to ICBC Standard Bank

The vault has capacity to hold 2,000 tonnes of gold and has been operational since 2012. Barclays announced its intended exit from precious metals in January 2016 and moved the business into Barclays Non-Core.

Neither party will be disclosing the financial terms of the deal.

Commenting on the sale, John Mahon, Co-Head of Barclays Non-Core, said: “This sale represents further progress with our Non-Core rundown as we work to simplify Barclays’ operations and achieve our cost and capital reduction commitments.”  

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