Bombardier has forged a strategic new partnership with China's ICBC Leasing through a memorandum of understanding (MOU) allowing ICBC to provide up to $8 billion in financial support to the manufacturer's customers.
Under the terms of the agreement, ICBC's support covers advance payment financing, delivery financing and leasing options for Bombardier's QSeries, CRJ and CSeries commercial aircraft and its Learjet, Challenger and Global business jets.
Bombardier explains the MOU also covers financing for current and potential future subsidiaries and affiliates in the areas of maintenance, service and production, and allows ICBC Leasing to supply Bombardier Aerospace with credit facilities, hedging and settlement services for general requirements through affiliates of ICBC.
The Industrial Commercial Bank of China is a major shareholder in ICBC Leasing.
Commenting on the opportunities the new tentative agreement provides, Bombardier Aerospace Guy Hachey says: "This MOU provides mutual benefits to Bombardier and ICBC Leasing since it addresses both parties' objectives of providing optimised aircraft solutions to operators in China and elsewhere."