CCB signs $500m deal to base aircraft leasing division in Ireland

Business, Finance | Fri 16 Oct | Author – Business & Finance
Avolon aircraft leasing

China Construction Bank Leasing International (CCBLI) today announced the establishment of its international headquarters in Ireland.

CCBLI is a subsidiary of China Construction Bank (CCB), one of the world’s largest companies.

The company plans to grow its aircraft leasing business from 17 to 200 aircraft over the next five years.

Hongzhang Wang, chairman, China Construction Bank, said: “Ireland is an ideal launch pad for European, African and American markets and we aim to expand into shipping and other leasing activities from our Irish base in the future. CCBLI’s international expansion of its aircraft leasing division is integral to the development of our transport portfolio and will assist in establishing CCBLI as a world leader in leasing business.”

Minister for Business and Employment Ged Nash added: “Aircraft Leasing is an industry we have deliberately targeted as part of the Action Plan for Jobs and we now have half of the world’s commercial aircraft fleet managed out of Ireland, creating employment for 1,200 people. With announcements like today’s from CCBLI I believe we have the opportunity to grow the industry even further.”

Lei Zhang, vice president, CCB Financial Leasing and Larry Chi, head of Corporate Banking and Securities (China) at Deutsche Bank signed an agreement to provide CCBLI a $500m financing facility.

CCB’s presence in Ireland means that five out of top six banks in China now have operations in Ireland.