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ICB-LEASING NEWS-NOV09
Established in 2007. Jet airplane leasing company. (ICBC) Leasing (ICB) is the aviation, shipping and heavy machinery finance subsidiary of China's biggest bank, the Industrial & Commercial Bank of China (ICBC).
November 2007: The Industrial & Commercial Bank of China (ICBC) established its leasing arm, after the Chinese government allowed its banks to move into areas like leasing and insurance. That diversification helped Chinese banks to move into international markets.
September 2009: (ICBC) Leasing (ICB) received approval to increase its equity base to 5 billion yuan from 3 billion yuan.
Its airplane portfolio consists of 25 airplanes - - a mixture of Boeing (TBC), Airbus (EDS) and Embraer airplanes in a combination of financing and operating leases.
November 2009: (ICBC) Leasing (ICB) now manages 20 billion yuan/$3 billion in assets.
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