Wizz Air has signed its first lease agreement with CCB Financial Leasing for 11 Airbus A321ceo aircraft, Wizz Air’s largest lease agreement yet. The aircraft are scheduled to be delivered to Wizz Air in 2016-2017.
“We are very excited to begin a relationship with CCB Financial Leasing, and to start the relationship with our largest leasing agreement in Wizz history,” said Wizz Air Chief Executive Officer József Váradi. “The agreement also continues an even larger relationship between Wizz Air and the Chinese financial community.”
“We are very pleased to have Wizz Air as our important customer and sign this significant transaction with them," said Mr. WANG Qiang, President of CCB Financial Leasing. "As part of the internationalization strategy of China Construction Bank, CCB Financial Leasing will continue to expand its presence in global aviation leasing market through its Irish platform."
The agreement is in line with the Wizz Air business model of sale/leaseback where the company negotiates and contracts directly with Airbus for new aircraft, then executes a sale/leaseback agreement with a lessor.
“We always evaluate the best method at the time to finance our new aircraft and for the time being, sale/leaseback works best for us and our shareholders,” Váradi said. “One big reason is it allows us to maintain the youngest fleet in Europe and that benefits the customer in a number of ways.”