Home >News Updates >ICBC News
ICBC to Establish ICBC Aviation Leasing Company Limited in Hong Kong

On August 30, ICBC announced that the Board of Directors reviewed and approved the proposal of ICBC Financial Leasing Co., Ltd. (“ICBC Leasing”) on the establishment of ICBC Aviation Leasing Company Limited (“ICBC Aviation Leasing”). The proposal will be formally implemented upon approval by relevant regulators.

An official with ICBC Leasing said that ICBC Aviation Leasing would be registered in Hong Kong with a registered capital up to RMB 8 billion or equivalent in foreign currencies or USD 1.2 billion, and wholly owned by ICBC Leasing. Upon establishment, ICBC Aviation Leasing will integrate domestic and overseas aviation leasing business of ICBC Leasing and realize integrated and specialized operation. ICBC Leasing will continue to rely on ICBC Group’s advantages to develop aviation leasing business, and strive to grow into a world-class aircraft leasing company,as well as an important sale platform of home-made aircraft, the preferred partner of domestic airline companies in aircraft leasing, and a leading firm in global aviation finance.

Thanks to integrated operation at home and abroad, the establishment of an aviation leasing subsidiary will provide strong support for global development of aircraft leasing business, prop up professional operation and management efficiency in aircraft leasing, broaden financing channel and strengthen market competitiveness. ICBC Aviation Leasing will be registered in Hong Kong due to its favorable financial, legal and tax environment for developing aircraft leasing business, and the complementary advantage with ICBC Leasing’s business in Ireland and Chinese Mainland.

Founded in November 2007, ICBC Leasing is the first bank-invested financial leasing company wholly owned by ICBC. With 10 years of development, ICBC Leasing has become the most innovative and internationalized financial leasing company with the strongest comprehensive strength in China, and an important part of ICBC’s comprehensive operation platform. Since establishment, ICBC Leasing has been focusing on support for China’s aviation industry growth. It provided domestic airline companies with new access to aircraft, reduced aircraft cost and improved profitability. On the other hand, it supported marketization and internationalization of home-made aircraft, and offered powerful financial support for China’s aviation industry going global through business innovation. It is the largest single initial user of home-made aircraft. As at the end of June 2017, ICBC Leasing recorded aviation assets of over RMB 100 billion, operated and managed more than 540 large commercial aircraft, and delivered 311 aircraft for operation. It ranked first in China and fifth in the world in terms of fleet value. Furthermore, it launched a series of innovative products such as bonded leasing, export leasing, joint leasing and offshore leasing, and guided Chinese-invested financial leasing companies to sharpen competitive edge in global market.