CHINA Construction Bank (CCB) is looking to build a Chinese metals trading desk in London as part of the expansion started after it bought a majority stake in British firm Metdist Trading, two sources said.

    CCB completed its purchase of a 75 percent stake in Metdist Trading Ltd. last June, becoming the second Chinese company to gain access to the London Metal Exchange (LME) trading floor after GF Financial Markets.

    “CCB/Metdist has already hired a couple of traders from other LME floor brokerages, but it really wants to build a Chinese trading team in London,” one source said, adding that in total the bank intends to boost its international team to 70 people from around 20 currently.

    CCB/Metdist is looking to hire around 15 traders in total, mostly Mandarin speaking.

    The 138-year-old exchange, where global benchmark prices of industrial metals including copper, aluminum and zinc are set, has sought to attract more Chinese business since it was bought by Hong Kong Exchanges and Clearing Ltd. in 2012.

    China is the largest consumer of several commodities, and accounts for nearly half of global copper demand.

    CCB, China’s second-largest lender by assets, said that “the recruiting effort is in accordance with the business plan ... The LME-related financial services are expected to be expanded next year.” (SD-Agencies)