ICBC and Ex-Im China sign deal to explore the leasing market

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

ICBC Leasing, a wholly owned subsidiary of Industrial and Commercial Bank of China, announced it has reached a strategic cooperation agreement with the Export-Import Bank of China to jointly explore the international leasing market.

According to the agreement, the Export-Import Bank of China will provide CNY 10 billion (USD$1.5 billion) or foreign-currency equivalent to ICBC Leasing to finance its import and export of aircraft, vessels and equipments as well as overseas leasing assets.

ICBC Leasing, a wholly owned subsidiary of Industrial and Commercial Bank of China, announced it has reached a strategic cooperation agreement with the Export-Import Bank of China to jointly explore the international leasing market.

According to the agreement, the Export-Import Bank of China will provide CNY 10 billion (USD$1.5 billion) or foreign-currency equivalent to ICBC Leasing to finance its import and export of aircraft, vessels and equipments as well as overseas leasing assets.

ICBC Leasing, a wholly owned subsidiary of Industrial and Commercial Bank of China, announced it has reached a strategic cooperation agreement with the Export-Import Bank of China to jointly explore the international leasing market.

According to the agreement, the Export-Import Bank of China will provide CNY 10 billion (USD$1.5 billion) or foreign-currency equivalent to ICBC Leasing to finance its import and export of aircraft, vessels and equipments as well as overseas leasing assets.

Since China allowed banks to set up financial leasing companies in 2007, such leasing companies have mushroomed to a total of 17 to date with assets being over CNY 270 billion (USD$40.5 billion).