Ping An Insurance has invested $44 million into AviaAM Financial Leasing China, the aircraft leasing joint venture between AviaAM and Henan Civil Aviation Development and Investment Company.
AviaAM states that the transaction was finalised on 27 August. It did disclose the size of the stake that Ping An took in the Henan-based lessor.
The lessor adds that PingAn’s banking unit has participated in financing the 777-300ER.
Flight Fleets Analyzer shows that AviaAM China owns 13 aircraft, comprised of 10 Airbus A320s, two A321s and one Boeing 777-300ER. All of its aircraft are leased to Aeroflot Russian Airlines.
Ping An is one of the largest insurance and financial services groups in China. Industry sources tell FlightGlobal that a number of its units have been looking to increase their exposure in the aircraft leasing market.
It participated in the bidding for the sales of CIT’s aerospace leasing unit and AWAS in recent years, while its own lessor, Ping An Leasing, has a portfolio of 12 aircraft, comprised of three A350-900s, six A321s, two A320s and one 737-800. It also has a tentative deal to acquire 50 Comac C919s.
Source: Cirium Dashboard