ICBC Leasing Orders V2500s for 15 Aircraft
The First Block Order From Domestic Lessor in China
GLASTONBURY, CT -- (Marketwire) -- 02/15/12 -- Singapore Air Show
-- ICBC Financial Leasing Co. Ltd, a subsidiary of the Industrial and
Commercial Bank of China Ltd. (ICBC), has entered into an agreement
under which International Aero Engines will provide V2500 engines to
power its fleet of 15 new A320 series aircraft.
The deal is valued at $300 million. Deliveries commence in January
2013 and continue into 2015.
ICBC Leasing signed a purchase agreement with Airbus for 42 A320
family aircraft in June 2011, which marked the first direct order of
aircraft from a domestic Chinese lessor with an aircraft
"As a market leader in China's financial leasing industry, ICBC
Leasing is supported by the largest bank in the world and plans to be
among the top lessors in the world within a few years," said Cong
Lin, President of ICBC Leasing. "We are very glad to join hands with
IAE to make a new breakthrough in the aviation market, and the
excellent performance and great market success of V2500 engines will
provide the best support to our plan."
"We believe the aircraft lessors such as ICBC Leasing are under fast
development in China, helping to bring the next major market growth
there," said IAE Executive Vice President of Customer Business Jim
Guiliano. "ICBC Leasing's order will be the first block order V2500
purchase by a local lessor in China."
"IAE's overall presence in China includes a network of support
systems and infrastructure that is unsurpassed," Guiliano continued.
"We have 17 operators, 11 field offices, training and overhaul
facilities and provide final assembly line support at the Airbus
final assembly line facility in Tianjin."
Aircraft powered by the V2500s will be flown both domestically, as
well as be placed in other parts of the world.
IAE is a multinational aero engine consortium whose shareholders
comprise of Pratt & Whitney (NYSE: UTX), Rolls-Royce (RR.L.),
Japanese Aero Engines Corporation and MTU Aero Engines. Through 2011,
over 4,900 V2500 engines have been delivered and nearly 2000 more
engines are on order with close to 200 customers around the world.
ICBC Leasing is a wholly owned subsidiary of Industrial and
Commercial Bank of China. ICBC Leasing focuses on three business
lines -- aviation, shipping and large-ticket equipment. ICBC Leasing
has become a pioneer and market leader in the financial leasing
industry since its inception in November 2007. With the strong
cooperation of its business partners, ICBC Leasing forges ahead with
a global vision to build on a market-oriented culture and to offer
innovative, tailor-made solutions and professional services. ICBC
Leasing owns and manages 72 modern aircraft and has 42 Airbus A320
family and 45 Comac C919 on order as of January 31, 2012.
FOR MORE INFORMATION CONTACT:
International Aero Engines AG
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