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Deutsche Bank opens gold storage facility with 200-tonne capacity

Published on Jun 10, 2013 5:24 PM
 
Deutsche Bank logo is displayed in front of the Deutsche Bank headquarters in Frankfurt on Feb 24, 2011. Deutsche Bank's customers will now be able to store physical gold at the bank's new storage facility at the Singapore FreePort. -- FILE PHOTO: REUTERS

DEUTSCHE Bank's customers will now be able to store physical gold at the bank's new storage facility at the Singapore FreePort.

The vault, officially opened on Monday, has the capacity to store up to 200 tonnes of gold bullion - worth about US$9 billion at current prices.

Targeted at the bank's high-net-worth clients in the region, the new vault will join other gold storage facilities here run by JP Morgan and Malca-Amit, among others.

Mr Mark Smallwood, head of wealth planning at the bank's asset and wealth management unit in the Asia Pacific region, said demand for physical gold storage in the region is growing, along with rising interest in physical gold - traditionally used as a hedge against unforeseen circumstances.