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ICBC Establishes Precious Metals Business Department In China

In charge of all the operation and management of the bank's precious metals business

Industrial and Commercial Bank of China (ICBC) has established Precious Metals Business Department in Shanghai, the institution to operate precious metals, such as gold, of a domestic commercial bank.

Reportedly, the new department of Precious Metals Business of ICBC will be in charge of all the operation and management of the bank’s precious metals business. Its business ranges from self-trading of precious metals, agency services of physical storage, delivery, allocation and clearing of precious metals, precious metals lease, brand precious metals business and wealth management of agency investment/hedge business of precious metals, to financing, lease and precious metals inter-bank lending in the business of precious metals financing market.

Meanwhile, ICBC also largely values the building of professional precious metals personnel, and has trained an expert team of precious metals business, among which 33 are certified as senior gold investment analysts and 98 as intermediate gold investment analysts, surpassing other banks in this regard.

Reportedly, ICBC intents to launch new products such as Au (T+D) and promote business like agency gold recovery, Gold Accumulation Plan (GAP), gold lease, pledged loans of gold and silver and others. ICBC also plans to develop a series of new products and new business that are original in China, so as to provide diversified, customer-friendly and personalized precious metals business for domestic investors.