Standard Chartered plans to establish a gold storage facility in Hong Kong.

According to ME News, on June 16 (UTC+8), Zeng Jizhi, Head of Financial and Strategic Clients for Standard Chartered Hong Kong, Greater China and North Asia, stated that Standard Chartered is studying the feasibility of establishing its own gold storage facility in Hong Kong and is considering different location options. If the plan is implemented, Hong Kong is expected to become Standard Chartered Group's first market with its own gold storage facility, and one of the few banks to do so. Currently, Standard Chartered already provides physical gold trading and related options financing services to its Commercial and Investment Banking (CIB) clients. If its own gold storage facility is established, it can extend its services to include a full range of gold trading services such as execution, settlement and warehousing. (Source: ME)