Bombardier and China's ICBC Financial Leasing Sign Financing Cooperation MOU Worth Up to $8 Billion US
March 3, 2011 — Toronto
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 world's largest banks. The agreement clears the way for ICBC Leasing to provide Bombardier'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.
"This MOU provides mutual benefits to Bombardier and ICBC Leasing since it addresses both parties' objectives of providing optimized aircraft solutions to operators in China and elsewhere," said Guy C. Hachey, President and Chief Operating Officer, Bombardier Aerospace. "We look forward to a long-lasting, fruitful cooperation with ICBC Leasing."
"The 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," said Mairead Lavery, Vice President, Strategy, Business Development and Structured Finance, Bombardier Aerospace.
"Today marks the beginning of an important new business relationship between Bombardier and ICBC Leasing," said Cong Lin, President, ICBC Leasing. "The MOU provides a framework to support the development of the global air transportation network."
About ICBC Leasing
ICBC Financial Leasing is a wholly owned subsidiary of Industrial and Commercial Bank of China, and the first in the financial industry to have attained China Banking Regulatory Commission ("CBRC") authorization to operate as a bank-backed leasing institution in 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. While maintaining leadership in the domestic market, ICBC Leasing operates as a world-class international financial leasing company. ICBC Leasing won consecutive Airfinance Asia Pacific Deal of the Year Awards in 2008, 2009 and 2010.
A world-leading manufacturer of innovative transportation solutions, from commercial aircraft and business jets to rail transportation equipment, systems and services, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended Jan. 31, 2010, were $19.4 billion, and its shares are traded on the Toronto Stock Exchange (BBD). Bombardier is listed as an index component to the Dow Jones Sustainability World and North America indexes. News and information are available at www.bombardier.com.
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