Global banking giant Citi has secured admission as a clearing member of London Precious Metals Clearing Limited (LPMCL). The financial institution confirmed the agreement in a joint statement issued with the clearing body in London.

The strategic partnership marks a substantial enlargement of Citi Commodities’ global precious metals division. Through this new status, the bank will introduce Loco London settlement services across its international client base, directly covering gold, silver, platinum and palladium markets. The move allows the firm to deliver a more extensive suite of financial commodities products.

At the same time, the transition broadens the global infrastructure of the precious metals market by expanding the total network of active clearing firms within the organisation. Leaders noted that the expansion reinforces the critical operational role that the group performs in managing day-to-day transaction settlements for the international bullion trade.

Executives from both organisations welcomed the announcement, highlighting that the smooth integration points to an open institutional setup within the UK clearing framework.

“Citi’s admission as a clearing member of LPMCL represents a natural extension of our long standing precious metals business,” said José Cogolludo, Head of Commodities at Citi. “This role aligns well with our operating model and our commitment to supporting robust, efficient market infrastructure. We look forward to contributing to the continued strength and resilience of the London bullion market.”

James Cressy, Chair of LPMCL, said, “The addition of Citi as a clearing member of LPMCL demonstrates the openness and transparency of our membership process, allowing new entrants to join and participate in the clearing and settlement of the predominate global over the counter precious metals market.”