CCB to take 75% stake in LME broker Metdist
China Construction Bank (CCB) announced Wednesday that it will buy a majority stake in London Metal Exchange (LME) broker Metdist Trading Ltd., a deal that will help the Chinese bank expand into the global commodities markets.
The mainland's second largest bank by assets said it will acquire 75-percent stake in Metdist and rename the firm as CCBI Metdist Global Commodities (UK) Ltd, Reuters reported.
The stake will be purchased from Minmetco, which will retain a 25 percent holding.
Metdist is one of nine ring-dealer members of the 138-year-old LME, with access to the exchange's open outcry ring as well as electronic and telephone trading.
The stake purchase is part of CCB's strategy to expand into base metals and global commodities markets, CCB chairman Wang Hongzhang was quoted as saying in a statement.
With the deal, CCB becomes the second Chinese company to gain access to the LME's trading floor.
The only other Chinese member in the LME's top tier is GF Financial Markets, part of GF Securities, one of China's largest brokerages, the report noted.
The LME, the world's oldest and largest market for industrial metals trading, has sought to lure more Chinese business since it was bought by Hong Kong Exchanges and Clearing in 2012.
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