The Asian banking bank is looking to enter London's $5 trillion bullion dealing market.

ICBC is reportedly buying the lease on Deutsche Bank’s London gold and silver vault as it pushes into the world’s precious metals market.

ICBC Standard Bank, which took a controlling stake in London-based Global Markets business last year, has also applied to become a clearing member of the London gold and silver over-the-counter business, the Daily Telegraph reported.

Separately, Reuters quoted an unnamed source saying: “They [ICBC Standard Bank] have taken on the lease for the vault.”

JP Morgan, HSBC, Bank of Nova Scotia, Barclays and UBS settle daily bullion transactions between dealers. The banks own shares in the London Precious Metals Clearing company. The DT report said the banks will decide whether to accept or reject ICBC Standard Bank's application within the next few months.

The Chinese bank, the largest in the world by assets, has already pushed hard at become the leading clearing bank for renminbi transactions around the world.