Deutsche Bank is extending its physical metals capabilities having signed an agreement with Johnson Matthey for custody and storage of physical platinum and palladium ingots and plates.
Johnson Matthey is the global market leader in the distribution, refining and recycling of platinum group metals, including the custody and storage of powdered metal (sponge).
The move means that clients who are involved in both the financial and physical trading of platinum and palladium can now benefit from working with a single partner and location for all their clearing and storage needs.
Deutsche Bank’s global head of metals trading, Raymond Key, comments: “We are delighted to have this opportunity to grow our long-standing relationship with Johnson Matthey in further developing a world leading metals clearing and custody franchise.”
Both firms intend that the agreement will provide a platform for further commercial cooperation.