(Reuters) – Gold broker and storage company GoldCore said on Tuesday it had opened a gold vault in Dublin, aiming to attract investors looking for an alternative to London after Brexit.
Dublin-based GoldCore, which set up the facility in partnership with security firm Loomis International <LOOMb.ST>, said it was Ireland’s first institutional grade vault.
“Brexit and other financial and geopolitical risks make asset diversification and owning assets in different jurisdictions more important than ever,” GoldCore said in a statement.
London is a global precious metals trading and storage hub and GoldCore is not alone in seeking to position itself for potential new business amid the uncertainty of Britain’s planned exit from the European Union next year.
Sources on Monday told Reuters the Bank of France had partnered with U.S. banking group JPMorgan <JPM.N> to expand its range of gold bullion services for other central banks – a business dominated in Europe by London and the Bank of England.
GoldCore offers trading, delivery and storage of gold coins and bars internationally and was founded in 2003. Loomis is one of the world’s largest operators of professional bullion vaults.
(Reporting by Swati Verma in Bengaluru and Peter Hobson in London; Editing by Susan Fenton)