Barclays announces the sale of 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.'
About Barclays
Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.home.barclays .
Barclays plc published this content on 16 May 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 May 2016 08:52:06 UTC.
Original documenthttp://www.newsroom.barclays.com/r/3353/barclays_non-core_rundown_continues
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Barclays PLC is one of Britain's leading banking groups. The activity is organized around three sectors:
- commercial banking: at the end of 2023, owned 306 branches worldwide;
- financing, investment, and market banking: specialized financing (acquisitions, projects, etc.), portfolio management, transactions on the stock, interest, exchange, and raw material markets, stock trading, merger-acquisition consulting, investment capital, etc.;
- credit cards issuing.
At the end of 2023, the group managed GBP 538.8 billion in current deposits and GBP 399.5 billion in current credits.
Income breaks down geographically as follows: the United Kingdom (52.4%), Europe (9.9%), Americas (32%), Asia (5.4%), Africa and Middle East (0.3%).