NEW YORK, Aug. 13, 2014 /PRNewswire/ -- GBI (Gold Bullion International), an electronic platform for the purchase, sale and storage of precious metals, is pleased to announce that New York Private Bank & Trust (NYPB&T) has made an investment in the company. The NYPB&T investment will enable GBI to continue its growth - including the build-out of its cutting-edge, Internet-based software offerings for use by sovereign mints, wealth managers, investment firms, high net worth investors, as well as for digital currencies.
New York Private Bank & Trust is the parent company of Emigrant Bank, HPM Partners and three Internet-based banks, and offers private banking services through its NYPB&T division. NYPB&T and its affiliate companies will join the GBI platform in order to offer its wealth management and banking clients access to physical precious metals through GBI's platform.
"The GBI family is excited by its partnership with NYPB&T," said Steven Feldman, GBI's co-founder and CEO. "The visionary thinking that Howard Milstein and New York Private Bank & Trust are known for will be a very valuable asset to GBI as it further expands its existing platforms and enables its sophisticated precious metals business to be utilized by far more market participants."
"We believe our relationship with GBI will enable our clients to have a robust opportunity to invest in gold and other precious metals that have been a store of value for thousands of years," said Howard Milstein, New York Private Bank & Trust Chairman, President and CEO. "Gold is the ultimate store of value. As inflation, geopolitical and sovereign debt risks move to the forefront of investor minds, gold will become an effective hedging component in the portfolios of small and large investors alike."
Mr. Milstein added: "GBI provides the most cost effective and advanced trading platform for investors to purchase and store precious metals, given its ability to offer consumers transparent and razor-sharp pricing through unprecedented access to the largest network of dealers."
GBI (Gold Bullion International) is a leading institutional precious metals provider to individual investors and the wealth management industry. GBI's technology and operations platform allows investors to acquire and manage their physical precious metals assets directly through GBI or through their existing wealth management account relationships. Precious metals are acquired through a competitive institutional dealer network, stored on behalf of investors in protected and insured vaults in New York, Salt Lake City, London, Zurich, Melbourne and Singapore, and audited by one of the big four accounting firms. GBI provides the easiest, safest and most reliable option for precious metals ownership.
In addition to offering precious metals through its unique software exchange, GBI recently launched a digital, gold-backed currency that is traded over the Ripple exchange under the ticker symbol "XAU". This enables clients to treat their physical gold balance as cash and to make payments to the over 80,000 merchants that accept Bitcoin. It also enables physical gold to be converted into dollars, euro, pounds or any other unit of value that is the preferred choice of a merchant or transferee.
About New York Private Bank & Trust (NYPB&T)
New York Private Bank & Trust (NYPB&T) is the largest privately held, family-owned and operated bank in United States. Wholly owned by the Milstein family in New York and led by businessman, civic leader and philanthropist Howard P. Milstein, NYPB&T was formed to serve the needs of wealthy individuals and family offices, offering fully integrated advisory, trust, lending and co-investment opportunities with the Milstein family.
NYPB&T's fast-growing subsidiaries include HPM Partners, an independent investment and wealth management firm named one of the fastest growing Registered Investment Advisor in the Forbes 2013 Top 50 Wealth Managers in America ranking. Other affiliates service the art lending, sports capital and ultra-high net worth personal insurance markets.