RPT-ICBC Standard Bank buys Deutsche's London bullion vault - sources

Fri Jan 8, 2016 11:37am EST
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* ICBC Standard Bank growing bullion footprint

* Chinese-South African lender looking to become bullion clearer

By Clara Denina

LONDON, Jan 8 (Reuters) - ICBC Standard Bank is 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.

"They (ICBC Standard Bank) have taken on the lease for the vault," the first source said.   Continued...