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ICBC Aviation Leasing Company Limited Opens for Business in Hong Kong

On March 28, 2018, the opening ceremony of ICBC Aviation Leasing Company Limited (“ICBC Aviation Leasing”), a wholly-owned subsidiary of ICBC Financial Leasing Co., Ltd. (“ICBC Leasing”), was held in Hong Kong. This is the first subsidiary set up in Hong Kong by China’s largest financial leasing company. After its establishment, ICBC Aviation Leasing will take advantage of Hong Kong’s position as an global financial center and the strategy of building itself into an international aviation leasing center, to integrate domestic and overseas aviation leasing business of ICBC Leasing and realize specialized and independent operations. Carrie Lam Cheng Yuet-ngor, Chief Executive of the Hong Kong SAR, Qiu Hong, Deputy director of Liaison Office of the Central People’s Government in the Hong Kong SAR, and Yi Huiman, Chairman of ICBC, attended the opening ceremony.

In his speech delivered on the opening ceremony, Yi Huiman said “Setting up specialized aviation leasing institution in Hong Kong is a practical action and a specific demonstration of ICBC to respond to and support Hong Kong in building an international aviation financial center. While holding the foundation of serving the real economy, we will further enhance capabilities in specialized services, better support the transformation, upgrading, innovation and development of the aviation manufacturing industry and facilitate large aircraft from China to fly to the world and serve the globe. We will actively work on ICBC scheme to support the Belt and Road Initiative. By leveraging the advantages of Hong Kong, we will push forward the connectivity along the Belt and Road and advance the implementation of inter-bank normal cooperation mechanism. ICBC will implement the preferential policy for Hong Kong by the Central Government, give play to industrial demonstration effect, support economic and industrial development, and make contributions to the economic and financial prosperity and stability in Hong Kong”.

Founded in November 2007, ICBC Leasing is the first bank-invested financial leasing company wholly owned by ICBC, with a registered capital of RMB11 billion. ICBC Leasing focuses on three major business areas of aviation, shipping and large equipment, with total assets under operation and management exceeding RMB300 billion. With 10 years of development, ICBC Leasing has become the most innovative and internationalized financial leasing company with the strongest comprehensive strength in China. ICBC Leasing has a comparatively strong competitive edge in its aviation business and is providing aircraft leasing and financing services for 70 airlines in 33 countries and regions. By the end of 2017, ICBC Leasing recorded aviation assets of over RMB100 billion, owned and managed 609 aircraft, and delivered 355 aircraft for operations. It ranked first in China and sixth in the world in terms of fleet value.

After its establishment, while integrating the aviation leasing business of ICBC Leasing and relying on the favorable finance, law, and tax environment in the aviation industry of Hong Kong, ICBC Aviation Leasing will realize an integrated operations at home and abroad, enhance expertise, improve efficiency in management and operation, broaden financing channels, achieve a sound global presence, and ultimately build itself into a bellwether in the industry.