Deutsche Bank launches one of Singapore's largest gold storage facilities at the Singapore Freeport
Deutsche Bank – a global Clearing Member of the London Bullion Market Association (LBMA) and a market leader in global precious metal services – today announced the establishment of one of the largest custodial and vaulting services for gold at the Singapore Freeport.
The vault has the capacity to store up to 200 tonnes of gold bullion in a state-of-the-art facility on behalf of Deutsche Bank’s clients.
In adding vaulting and clearing to its existing financial hedging, financing, trading and physical distribution business, Deutsche Bank will enhance its full service offering for clients in precious metals.
This development in Singapore reaffirms Deutsche's market-leading position in commodities trading, service and structuring in Asia. Ronan Donohoe, Deutsche Bank's Global Head of Metals and Dry Bulk Trading, said: "The new facility enables us to provide best-in-class precious metals storage and confirms our strategy to offer clients solutions they require to protect their wealth."
Mr. Donohoe added: “This offering will encourage a significant development in a Singapore-based precious metals market. Holding gold in an allocated account in Singapore is an effective way of protecting your wealth against unforeseen external shocks. Given Singapore's exceptional transportation linkages along with the International Enterprise Agency's objective to make Singapore a global hub for gold, the establishment of Deutsche's facility is a natural progression.”
Mark Smallwood, head of Wealth Planning within Deutsche Asset &Wealth Management, APAC, said, “We are seeing considerable interest on the part of our Ultra High Net Worth clients in this asset class for its well known qualities. Through this new platform, our private clients have the ability to achieve three vital objectives when seeking exposure to this asset class, namely a highly regulated and stable jurisdiction in which to custody these assets, the ability to store their gold holdings in its physical form, and finally to use their physical gold holdings as collateral against loans."
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