Citigroup Picks London Gold Vault for Precious Metals Push

Citigroup Inc. plans to use a vault near London’s Heathrow Airport to store precious metals, as it seeks to join the small number of banks that provide a crucial role in the world’s biggest gold-trading hub.

The bank is partnering with secure logistics firm Malca-Amit, which operates the vault, according to people familiar with the matter, who asked not to be identified as the details are private. Citigroup is in the process of becoming a clearing member of the London market as investor interest in bullion increases, Bloomberg reported in October.