The full name of ICBC is South Africa's Standard Bank and Industrial Commercial Bank of China, which is the overseas subsidiary of ICBC. According to foreign media reports, recently, ICBC Standard Bank and Barclays Bank have agreed terms to acquire its coffer in London, the acquisition plan expected to be completed in July. It is reported that Barclay’s coffer is one of Europe's largest capacity coffers, people call it mini "Fort Knox," which can store about 2,000 tons of gold. Fort Knox, located in the Kentucky of the United States, it is the most important military training base of the US armored forces, but also the gold storage place of the US, which is the most heavily secured place in the US. Thus, Barclays coffer also has a very tight security system.

 

ICBC is China's largest trading bank of precious metals; we can see that ICBC has never stopped his footsteps of entering the international market from 2008 until today. In 2008, ICBC Standard Bank took stakes in Standard Bank, and becoming their largest shareholder; in 2012, it has made acquisition of Argentina Standard Bank; in 2015, it cost $ 770 million by acquisition of 60% right of Standard Bank Public Limited Company; in Jan. 2016, it acquired the lease right to the London coffer of Deutsche Bank, and after then, it became a clearing member of the London precious metals liquidation of the company. Now ICBC has acquired the Barclays coffer. These initiatives show its international M&A actions, which are all for its own development. These initiatives will also make ICBC plays a greater influence in international commodities trading and pricing. Standard Bank and ICBC also said that they are hoping to become one of the largest Chinese banks in precious metals market.