VTB to start purchasing gold bars from clients in Q2
It is noted that only bars that were deposited by clients in the bank are eligible for the buyback.
VTB plans to launch the buyback of its gold bullions that have been sold to individuals and are currently deposited in the bank, Deputy President and Chairman of the Management Board of VTB, Anatoly Pechatnikov, told a press briefing on Tuesday.
According to his presentation, the plan is to launch the service in the second quarter of this year.
"The sales of physical gold to our clients has reached a record high of 34 tons. Last year, VTB became the market leader here, having sold much more gold bullions than other banks. The demand for gold will continue, and one of the drivers of this growth will be the launch of the gold buyback. The service will significantly save customers time, money and effort to sell gold and make it an even more convenient investment tool. We suggest that it will be one of the main trends on the market in 2023," Pechatnikov explained.
Only bars that were deposited by clients in the bank are eligible for the buyback, he noted. The gold buyback will be carried out according to VTB’s prices as of the date of the transaction for rubles, the bank executive added.
The portfolio of physical gold of VTB’s affluent customers totaled 50 bln rubles ($676 mln) in 2022, having grown more than 1.5-fold in the second half of the year. Considering the buyback, this year’s growth rates are not expected to be as high, Pechatnikov said, adding that he expected the portfolio to reach 55 bln rubles ($745 mln) by the end of 2023.
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VTB plans to launch the buyback of its gold bullions that have been sold to individuals and are currently deposited in the bank, Deputy President and Chairman of the Management Board of VTB, Anatoly Pechatnikov, told a press briefing on Tuesday.
According to his presentation, the plan is to launch the service in the second quarter of this year.
"The sales of physical gold to our clients has reached a record high of 34 tons. Last year, VTB became the market leader here, having sold much more gold bullions than other banks. The demand for gold will continue, and one of the drivers of this growth will be the launch of the gold buyback. The service will significantly save customers time, money and effort to sell gold and make it an even more convenient investment tool. We suggest that it will be one of the main trends on the market in 2023," Pechatnikov explained.
Only bars that were deposited by clients in the bank are eligible for the buyback, he noted. The gold buyback will be carried out according to VTB’s prices as of the date of the transaction for rubles, the bank executive added.
The portfolio of physical gold of VTB’s affluent customers totaled 50 bln rubles ($676 mln) in 2022, having grown more than 1.5-fold in the second half of the year. Considering the buyback, this year’s growth rates are not expected to be as high, Pechatnikov said, adding that he expected the portfolio to reach 55 bln rubles ($745 mln) by the end of 2023.
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