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Barclays has completed the sale of its precious metals storage business in the UK, including its vaulting facility, 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.

Commenting on the sale, John Mahon, Co-Head of Barclays Non-Core, said: “The sale is further evidence of progress made in the accelerated run-down of Barclays Non-Core, a key element of the Group strategy announced on 1 March."

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