Industrial and Commercial Bank of China (ICBC) announced that its subsidiary, ICBC Standard Bank, will buy a precious metals storage business from Barclays in London, part of a move to strengthen the lender's business overseas.

The transaction is expected to be completed in July. ICBC Standard Bank will be the first Chinese lender to own a gold vault in London, according to a statement posted on the ICBC website.

The vault, which can store 2,000 tons of gold and other precious metals, was opened by Barclays in 2012, and took more than one year to build. The location of the vault is secret, but the lender has said it’s within the M25 road that circles London.