AVIC Leasing joins forces with Bombardier on financing deal
Feb. 9, 2012, Montreal - Bombardier Aerospace and AVIC International Leasing Co., Ltd. (AVIC Leasing) of the People's Republic of China today announced a memorandum of understanding (MOU) for an expanded co-operation to support the financing of commercial aircraft sales in China and globally.
The MOU entered into between AVIC Leasing and Bombardier Inc. was one of several agreements signed at the Canada China Business Forum held today in Beijing, with Stephen Harper, Canadian Prime Minister, and Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc., in attendance.
AVIC Leasing, a subsidiary of Aviation Industry Corporation of China (AVIC), is a lease financing company with substantial assets and a rapidly growing aircraft fleet.
"Bombardier's portfolio of commercial aircraft is well positioned to meet China's rapidly growing air transport infrastructure, and AVIC Leasing will use this MOU to work with airlines and develop solutions to their varied business requirements," said Zhao Hong Wei, President, AVIC Leasing.
"This MOU provides AVIC Leasing and Bombardier increased opportunities to grow their businesses by providing airlines with optimized aircraft and financing solutions in China and elsewhere," said Mairead Lavery, Vice President, Strategy, Business Development and Structured Finance, Bombardier Aerospace.
More than 80 Bombardier-produced aircraft, including CRJ Series and Q-Series commercial aircraft, as well as Learjet, Challenger and Global business jets, are currently operating in China.
Bombardier predicts that over the next 20 years, China's fleet of commercial aircraft will grow as it becomes the world's second largest market for new aircraft deliveries, following closely behind the United States. Bombardier forecasts a demand for almost 2,400 commercial aircraft in the 60- to 149-seat segment in China and is working closely with local airlines, suppliers and stakeholders to assist in fleet and infrastructure expansion.