China Aircraft Leasing Group’s (CALC), wholly-owned subsidiary, China Asset Leasing, has signed a facilities framework agreement with the Export-Import Bank of China, and a strategic cooperation agreement with Bank of China (Tianjin Branch).
According to the agreement, the Export-Import Bank of China will provide China Asset Leasing with intent credit facilities to support its aircraft import and/or purchase of China-made aircraft.
In November 2014, the bank entered into a framework agreement with the Group for an intent credit line of RMB10 billion. Based on the good foundation, the cooperation will further support CALC’s fleet expansion strategies, by offering a solid capital backup for the Group’s business development in both the domestic and overseas markets.
Ms. Winnie Liu, Executive Director and Executive Vice President of CALC said, “The financing support from the Export-Import Bank of China reflects the bank’s confidence in our credit rating. It also reinforces the government’s recognition of our globalisation strategy, supporting CALC to excel in the highly competitive and rapidly changing international aviation leasing market. It also echoes the unique value of the Export-Import Bank of China in promoting bilateral relationship and international economic cooperation. With our strategic position as a full-value chain aircraft solution provider, CALC will continue to support the nation’s “The Belt and Road Initiative” and transportation asset planning, to align with government’s development strategies, and to further support China to become a growth driver of the regional and world economies. ”
The key mandate of the Export-Import Bank of China is to implement government policies, to assist Chinese companies with competitive advantages in their offshore project contracting and outbound investment, and to promote international economic cooperation and trade. This framework agreement aligns with the nation’s support for aviation transportation and leasing industry in financing, and facilities the Group to expand overseas by leasing aircraft to foreign airlines.
China Asset Leasing has also signed a strategic cooperation agreement with Bank of China (Tianjin Branch), agreeing to further strengthen and expand areas of cooperation, and to promote business development and resources sharing to achieve mutual benefits. Under the agreement, China Asset Leasing will become a strategic partner of Bank of China (Tianjin Branch) who shall preferentially provide the Group with a full range of financing support and banking services. Meanwhile, CALC shall regard Bank of China (Tianjin Branch) as one of its key banks, and preferentially consider the bank’s financing products and banking services.
Ms. Liu commented, “Bank of China is one of the most historical banks in China and one of the largest banks in the world, its management and development always stay at a leading position in China’s financial industry. We are honoured to have further strengthened our business cooperation with Bank of China, to consolidate our long-term and stable strategic partnership, and to achieve win-win situation via our business platforms. Thanks to the comprehensive and favourable financial services offered by Bank of China, China Asset Leasing would manage to concentrate on asset management and increase capital efficiency in order to optimise the development of our aircraft leasing business.”