In October 2015, CCB International Securities Ltd (CCBIS), a wholly owned subsidiary of CCB International (Holdings) Ltd (CCBI), agreed to buy a 75% stake in Metdist Trading Limited (Metdist), one of the longest serving ring dealing members of the London Metal Exchange, becoming CCBI Metdist Global Commodities (UK) Ltd (CCBIM).
Metdist, as a Category 1 Member of the LME, has a long history of providing its clients with a complete offering of LME derivative products. Metdist became the first overseas member of the LME in 1970 and its founder, The Lord Bagri CBE, served as an LME board director from 1983, LME Vice Chairman from 1990 and LME Chairman from 1993 to 2002.
CCBI, with its subsidiaries, is the flagship of China Construction Bank Corporation (CCB), providing investment banking services. CCBI’s business is divided into three main areas, namely Pre-IPO, IPO and Post-IPO, which in turn form a comprehensive investment services value chain that offers a full range of products, including sponsoring and underwriting, financial advisory, corporate mergers and acquisitions, share placement and refinancing, direct investment, asset management, securities brokerage, market research, investment consultancy, etc.
CCB, headquartered in Beijing, is a leading large-scale joint stock commercial bank in China. Its predecessor the People's Construction Bank of China was established in October 1954. It was listed on Hong Kong Stock Exchange in October 2005 (stock code: 939) and the Shanghai Stock Exchange in September 2007 (stock code: 601939). Today CCB ranks as one of the five largest listed banks in the world, employing over 350,000 members of staff.
Mr Wang Hongzhang, Chairman of CCB stated:
“The acquisition of a 75% shareholding interest of Metdist significantly advances the global strategy of CCB of developing a leading position in the base metals and global commodities markets. This strategic acquisition is a natural progression of CCB’s product range and markets.”
Mr Apurv Bagri, President and CEO of Metdist stated:
“As Asia, and in particular China and India, continue to increase in significance and economic power in the global economy, CCB becoming Metdist’s new majority shareholder is a natural progression for the company.
I am delighted that the family’s long association with the LME and the physical metal markets will be enhanced through our future involvement in CCBI Metdist.”
CCBI’s acquisition of Metdist followed the announcement on 11 September 2014, when Hong Kong Exchanges and Clearing Limited and the LME signed an MOU with CCB for strategic cooperation in the development of new products, joint publicity, marketing and other areas.