Bank for billionaires in London: “Millionaires are not our customers”

A new bank was opened in London for the richest people in the world. Not an ordinary bank, but “the most exclusive vault in the world”, where billionaires can safely store their jewelry and gold bars. Customers are treated like kings.

The vault complex of International Bank Vaults (IBV) is housed in a historic building on Hyde Park. Not everyone is just welcome there. “Millionaires are not our customers”, says bank director Sean Hoey to The Guardian. “We will only deal with billionaires.”

Rolls Royce

According to the bank, whoever is a customer is therefore treated like a king. Whoever needs to be in his safe is neatly picked up with the bank’s own Rolls Royce. This puts the customer at the extremely secure premises, where he only enters by first passing through a lock with fingerprint and eye scan. Then it goes to the basement, where a clerk with white gloves is available to open the safe.

The floors, walls, and ceilings in the 120-year-old Gothic building have been reinforced with steel walls to prevent thieves from getting in, for example, by digging a tunnel.

The cheapest locker is also open to those who are not billionaires. “That is 5 cm high, 16 cm wide and 49 cm deep,” says bank director Hoey. “It costs 700 euros a year. There can be jewelry in or a few gold bars the size of a smartphone.” Those who have more gold can even rent a full room for almost 3 million euros a year. “We receive requests for it every week,” says Hoey.

Gold bars

The demand for bank vaults among the rich worldwide is rising, due to the fear that is accompanied by the increasing inequality, according to the bank director. Also, the rich would turn their money more and more into gold bars, because banks are beginning to charge for money in savings accounts.

Bank for billionaires in London: “Millionaires are not our customers”
©International Bank Vaults

In addition to London, International Bank Vaults (IBV) also has branches in Switzerland, Dubai, and South Africa.

The Guardian, Business Insider, Bloomberg
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