Deutsche Bank and Johnson Matthey join forces to clear and store platinum and palladium
Deutsche Bank is further extending its physical metals capabilities by signing an agreement with Johnson Matthey plc, the global specialist chemicals company, for custody and storage of physical platinum and palladium ingots and plates for the bank and its clients. It is the intention of both firms that this agreement will provide a platform for further commercial cooperation.
Johnson Matthey is the global market leader in the distribution, refining and recycling of platinum group metals, including the custody and storage of powdered metal (sponge). Deutsche Bank is now able to offer its clients the unique opportunity to consolidate storage for their ingot or plate and sponge storage. Clients who are involved in both the financial and physical trading of platinum and palladium will, for the first time, benefit from improved efficiencies gained from working with a single partner and location for all their clearing and storage needs for these metals.
Raymond Key, Deutsche Bank’s Global Head of Metals Trading commented: “Deutsche Bank is committed to continuing to build and strengthen our physical presence in commodities. We are delighted to have this opportunity to grow our long-standing relationship with Johnson Matthey in further developing a world leading metals clearing and custody franchise. Working with Johnson Matthey enables us to offer greater efficiencies and controls to our clients for their platinum and palladium trading and storage.”
For further information, please call:
Deutsche Bank AG
Press & Media Relations
Phone: +44 (0) 20 7545 4249
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.
Deutsche Bank is a member of the London Platinum & Palladium Market (LPPM); London Precious Metals Clearing Limited (LPMCL); London Bullion Market Association (LBMA) and is represented on the management boards of these organizations. The bank is a member of London Gold Market Fixing Limited and London Silver Market Fixing Limited and participates in the daily London Gold and Silver Fixes.