LONDON, June 27, 2018 /PRNewswire/ -- ICBC Standard Bank Plc ("the Bank") is pleased to announce that the World Gold Council has selected the Bank as the custodian of its new SPDR Gold MiniShares Trust (GLDM).
As the custodian for GLDM, the Bank will be responsible for the safekeeping of the gold bullion bars delivered to GLDM in its own high-security vault, the largest commercial vault in London. Risk mitigation is at the heart of ICBC Standard Bank's vaulting operations, which have been designed to ensure the utmost protection of investor information and confidentiality.
Raj Kumar, Head of Precious Metals Business Development at ICBC Standard Bank Plc said: "We are delighted to be the custodian for SPDR Gold MiniShares Trust, and to be partnering with the World Gold Council. ICBC Standard Bank's clearing and vaulting capabilities offer clients world-class, innovative and secure solutions for managing bullion globally. Our technology portal, Phoenix, has been designed to meet the demanding needs of our clients and deliver transparency with reduced operational risk."
ICBC Standard Bank's precious metals business has been an established force in the global bullion market for more than 25 years. The team are leaders in delivering integrated financing and price risk solutions across a full spectrum of physical and financial products. The Bank expanded its precious metals clearing and storage services offerings following its acquisition of Barclays' London precious metals vaulting business in 2016.
About ICBC Standard Bank Plc
ICBC Standard Bank is a leading financial markets and commodities bank operating across both developed and emerging economies. ICBC Standard Bank Plc was formed in February 2015 when Industrial and Commercial Bank of China Limited (ICBC) acquired a 60% stake in Standard Bank Plc's Global Markets business. As a result, a compelling strategic platform was formed, one that benefits from a unique Chinese and African parentage and an unrivalled global network and level of expertise.
ICBC Standard Bank Plc is a strategic platform for serving the growing demands of our clients in Global Markets products, as well as distributing African risk. We specialise in global commodities, fixed income, currencies and equities.
Headquartered in London, ICBC Standard Bank Plc also has operations in Dubai, Hong Kong, Shanghai, Singapore, New York, and Tokyo.
About World Gold Council
The World Gold Council is the market development organization for the gold industry. Our purpose is to stimulate and sustain demand for gold, provide industry leadership and be the global authority on the gold market.
We develop gold-backed solutions, services and products, based on authoritative market insight and we work with a range of partners to put our ideas into action. As a result, we create structural shifts in demand for gold across key market sectors. We provide insights into the international gold markets, helping people to understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society.
The membership of the World Gold Council includes the world's leading and most forward thinking gold mining companies.
SOURCE ICBC Standard Bank Plc