Australia and New Zealand Banking Group
(ASX:ANZ) is about to open its first gold vault in Singapore, according to media reports.
The bank sees Singapore as the financial hub between the world’s biggest gold producers – Australia and China.
The move comes amid ANZ’s increasing focus on Asia and the lender has told media it will be the highest rated bank in to have a vault in Singapore.
ANZ'S co-head of fixed income, currencies and commodities Eddie Listori says the facility is totally state-of-the-art and bullet proof.
Mr Listori says gold is an $US88 billion-per-day globally traded market including paper.
ANZ generated a net profit of $2.9 billion in the first half of fiscal 2013.
