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LONDON, Apr 6, 2016 - (ACN Newswire) - CCB International (Holdings) Limited ("CCBI") is pleased to announce the completion of the acquisition by its subsidiary, CCB International Securities Limited, of a 75% shareholding interest in Metdist Trading Limited ("Metdist") (to be renamed CCBI Metdist Global Commodities (UK) Limited ("CCBI Metdist")), which then becomes the first London Metal Exchange ("LME") Category 1 or Ring Dealing Member with a Chinese bank background. CCBI Metdist will continue to provide a full range of LME derivatives products for its clients.
CCBI (together with its subsidiaries) is the investment flagship of China Construction Bank Corporation ("CCB"). CCBI's business broadly covers three areas, namely Pre-IPO, IPO and Post-IPO, thereby providing clients with a full range of financial and capital market services and products. In recent years, CCBI has continued to maintain good momentum in various lines of business and has been winning accolades in the investment industry.
Metdist is a Category 1 or Ring Dealing Member of the LME, having been the first overseas member of the LME since 1970. According to data from the LME website, the LME is the world centre for trading of industrial metals, where more than three quarters of all non-ferrous metal futures business are transacted on its platforms.
Last October, in the presence of leaders from China and the United Kingdom, LME and LME Clearing Limited signed a memorandum of understanding with CCB for strategic cooperation in areas such as industrial metal trade and Renminbi clearing services. The acquisition of a 75% shareholding interest in Metdist by CCB International Securities Limited is the evidence to show its desire to accomplish these goals. This also marks an important step for CCB to establish a commodities trading platform. Looking forward, CCBI will leverage its deep connection with the Chinese banking and business communities, together with CCBI Metdist's membership status in the LME, to continue to provide comprehensive financial and capital market services for its clients and efficiently improve its participation and competitiveness in the global industrial metals futures market, and to better serve Chinese enterprises' demand in this market. With the linking up of key international markets, CCBI looks to excel in serving the real economy under China's "Go Global" and "The Belt and Road Initiative" strategies.
Topic: Press release summary
Source: CCB International (Holdings) Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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