China ICBC to Open Vault Boosting Hong Kong’s Gold Ambitions

China’s largest state-owned bank plans to open a precious metals depository at Hong Kong International Airport, offering a boost to both the lender’s trading operations and the city’s ambitions to become a global gold hub.

The local unit of Industrial and Commercial Bank of China Ltd. has leased space at the airport’s vault, according to people familiar with the deal. The bank aims to get the depository ready in the next few months, they said, declining to be named discussing a private matter.