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Australia's ANZ bank closes Singapore gold vault

Australia and New Zealand Banking Group Ltd (ANZ), whose gold bullion business is one of Asia's largest, said on Thursday it was closing its precious metals vault in Singapore.
The move follows the bank's sale last year of its stake in an exchange-traded fund backed by physical gold and sources say it is part of a scaling back of ANZ's precious metals business.
The bank opened the vault -- which could hold 50 tonnes of gold worth around $2 billion at current prices -- in 2013. That year, ANZ said it distributed close to 15 percent of the world's primary gold production.

12 Comments to Australia's ANZ bank closes Singapore gold vault:

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onlinehomeschooling.info on Thursday, 13 June 2019 3:48 PM
I think management of ANZ bank should not close precious metals vault in one of the best countries of Asia. I can’t say much about this decision from ANZ because I am not a businessman.
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