PRECIOUS METALS | Standard Chartered Studies Setting Up Its Own Gold Storage Facility in Hong Kong

Standard Chartered is studying the feasibility of establishing its own gold storage facility in Hong Kong and is considering different location options, said Tsang Kai-chi, the bank’s head of markets financial and strategic clients for Hong Kong, Greater China and North Asia. According to Odaily, Tsang said that if the plan proceeds, Hong Kong could become the first market in the Standard Chartered Group to have a self-operated gold storage facility, and the bank would be among the few to run its own storage in the city. Tsang said Standard Chartered currently provides corporate and investment banking clients with physical gold trading and related options financing services. If a self-operated gold storage facility is established, the bank could extend its services to include trade execution, settlement, and storage as part of broader gold trading services.