Bombardier Aerospace today announced that it has signed a memorandum of understanding (MOU) with ICBC Financial Leasing Co., Ltd. (ICBC Leasing). ICBC Leasing is a leading leasing company in China, and Industrial Commercial Bank of China (ICBC), its major shareholder, is one of the worldâ€™s largest banks. The agreement clears the way for ICBC Leasing to provide Bombardierâ€™s customers with advance payment financing, delivery financing and leasing solutions for Q-Series, CRJ Series and CSeries commercial aircraft, as well as Learjet, Challenger and Global business aircraft. The capital available from ICBC Leasing totals up to $8 billion US, for both domestic and international transactions.
The MOU also covers financing for Bombardier Aerospace, as well as its current and potential future subsidiaries and affiliates, in the areas of maintenance, service and production, and allows ICBC Leasing to provide Bombardier Aerospace with credit facilities, hedging and settlement services for general requirements through affiliates of ICBC.
â€œThis MOU provides mutual benefits to Bombardier and ICBC Leasing since it addresses both partiesâ€™ objectives of providing optimized aircraft solutions to operators in China and elsewhere,â€ said Guy C. Hachey, President and Chief Operating Officer, Bombardier Aerospace. â€œWe look forward to a long-lasting, fruitful cooperation with ICBC Leasing.â€
â€œThe financial resources of ICBC Leasing put Bombardier in a stronger competitive position and support our long-term objective of growing our business in China and the Asia-Pacific region,â€ said Mairead Lavery, Vice President, Strategy, Business Development and Structured Finance, Bombardier Aerospace.
â€œToday marks the beginning of an important new business relationship between Bombardier and ICBC Leasing,â€ said Cong Lin, President, ICBC Leasing. â€œThe MOU provides a framework to support the development of the global air transportation network.â€
Source: Bombardier press release