ICBC’s announcement regarding approval of ICBC Leasing proposal
On August 30th, ICBC board of directors approved the proposal of ICBC Leasing regarding the establishment of an aircraft leasing subsidiary. Subsidiary setup will start after the approval of regulatory departments.
Wholly-owned by ICBC Leasing, the aircraft leasing subsidiary is planned to be registered in Hong Kong, with the registered capital equivalent of RMB 8 billion. ICBC Leasing focused on supporting China’s aviation industry, providing domestic airlines with new cost-reducing services to expand their fleet, at the same time largely supporting domestic aircraft manufacturers. With this subsidiary, ICBC Leasing aims to integrate domestic and foreign aviation leasing businesses, and relying on the advantages of ICBC group, support steady development of its aircraft leasing business.