Wizz Air signs deal for eight Airbus 320s
April 23, 2013, Budapest, Hun. - Hungarian low-cost airline Wizz Air has entered into a pre-delivery payment financing and sale and leaseback agreement with ICBC Financial Leasing for eight new Airbus single-aisle A320 passenger jet airliners.
The aircraft are valued at more than $700 million, based on list prices, and are expected to be delivered in 2013 and 2014.
The A320 can accommodate 150 passengers in a two-class cabin or up to 180 in a high-density layout for low-cost and charter flights, according to Airbus.
Wizz Air chief executive officer József Váradi said the company was pleased to expand its existing group of leasing companies and announce the first financing deal with ICBC Leasing, the largest ever between Hungary and China.
"The addition of these eight new aircraft will contribute to the growth capacity of the airline and maintain the average age of our fleet, just under four years, one of the youngest of all European airlines," Váradi said.
State secretary for foreign affairs and external economic relations of Hungary Péter Szijjártó said the expansion of the Wizz Air fleet coincided with the foreign policy and trade objectives of Hungary.
"The interest of the Hungarian Government is to see to it that as many businessmen and tourists as possible come to Hungary, using the most direct means and the best services available," Szijjártó added.
ICBC Financial Leasing chief executive officer Cong Lin added that this was the company's first deal in the Central and Eastern European region.
"ICBC Leasing looks forward to expanding in this promising region and working closely with Wizz Air," Lin said.
ICBC Leasing, the financial leasing arm of the Industrial and Commercial Bank of China, owns 94 aeroplanes and assets of at least JPY130 billion ($20.8 billion).
Wizz Air is Hungary's leading airline operating 40 Airbus A320s on 270 routes.