Chinese Bank Buys Secret London Vault
China’s ICBC Standard Bank snapped up a secret London vault that can store more than £50B in gold bullion.
The vault (which we are positive looks like a Bond villain’s lair) is somewhere within the M25 but few other details are known, according to the Guardian.
Rumours and whispers imply it is one of the largest in Europe and is being used to store bars of gold, silver, platinum and palladium. The security measures are also Bond-worthy: a front door that can withstand “a direct hit from a rocket-propelled grenade,” an electrified roof and plinths that have been sunk to keep out anyone who tries to tunnel in.
In addition to the Bank of England vault on Threadneedle Street, there are thought to be six commercial vaults across London (one is rumoured to be below JPMorgan’s offices on Victoria Embankment), according to the newspaper.
The acquisition of the Barclays site is expected complete in July. [Guardian]