Deutsche Bank opens $9 billion gold vault in Singapore
Deutsche Bank’s customers will now be able to store physical gold at the bank’s new vault in Singapore that can hold up to 200 tonnes of gold bullion, worth about $9 billion at current prices.
Officially opened on Monday at the Singapore FreePort, the storage facility located at aims to capture the rising demand for bullion in Asia, Reuters reports.
The institution began accepting bullion for the new Singapore vault over three weeks ago, joining other gold storage facilities in the country run by JP Morgan and Malca-Amit, among others.
Deutsche Bank is one of the 11 market-making members of the London Bullion Market Association, which includes Goldman Sachs Group Inc. and UBS AG.