Global law firm Norton Rose Fulbright is advising ICBC Standard Bank plc on its proposed acquisition of the UK precious metals vaulting business owned by Barclays Bank plc.

The acquisition, expected to complete in July 2016, will enable ICBC Standard Bank to better execute its strategy of becoming one of the largest Chinese banks in the precious metals market. The business being acquired by ICBC Standard Bank includes Barclays’ London vault, along with the transfer of the associated contracts (subject to consent).

Norton Rose Fulbright is also advising ICBC Standard Bank on its steps to becoming the first banking group since 2005 to be admitted to the London clearing system for gold, silver, platinum and palladium managed by the London Precious Metals Clearing Limited (LPMCL).

LPMCL operates the central electronic metal clearing hub which settles and clears most of the world’s “over-the-counter” gold and silver trading. ICBC Standard Bank will join existing LPMCL members which include several global banks.

The Norton Rose Fulbright team was led by corporate partner Richard Crosby, assisted by associate Matthew O’Shea. Property advice was provided by partner Nick Clayson and senior associate Paul Matthews.