DVB Bank and ICBC Financial Leasing (ICBCFL), a wholly-owned subsidiary of Industrial and Commercial Bank of China (ICBC), have closed a five-year $162.8 million term loan facility.
In September 2010, DVB, via its Singapore-based subsidiary DVB Group Merchant Bank, arranged and underwrote the portfolio financing of eight aircraft on operating leases to four international and Chinese airline lessees. The portfolio comprises of a mix of new generation narrow-body aircraft from both Boeing and Airbus.
This five-year term loan facility is the first financing by a third party international bank of any of ICBC’s leasing portfolio and represents a milestone in furthering the co-operation between DVB and ICBCFL.
Bertrand Grabowski, member of the board of managing directors of DVB Bank, said: "This successful financing underscores DVB’s focus in participating in the fast growing Chinese aviation industry, and how the unique DVB aviation platform can be deployed to serve our customers throughout the aviation business cycle."
Johnny Lau, managing director of Aviation Finance for ICBCFL, said: "ICBC Leasing commits to best serve our clients and provide attractive lease solutions globally. We are very pleased to have DVB as the very first important partner for our fast-growing business, particularly with regard to the international market place. There will be lots of opportunities to work together.