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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.
SEE ATTACHED "FLIGHT INTERNATIONAL" ARTICLE - - "ICB-LEASING NEWS-NOV09."
September 2011: (ICBC) Financial Leasing Company, a subsidiary of Industrial & Commercial Bank of China (ICBC), has signed a memorandum of understanding (MOU) with (CFM) International for (CFM56-5B) engines to power its new fleet of 22 A320 family airplanes.
The firm order, which includes three spare engines, is worth more than >$450 million at USA list price, according to (CFMI). The Chinese leasing company is scheduled to take delivery of these airplanes in 2012.
(ICBC) Leasing signed a purchase agreement with Airbus (EDS) in June for 42 A320s.
All of the new engines will be the (CFM56-5B) Performance Improvement Package (PIP) configuration, with a +0.5% improvement in fuel burn and which is scheduled for certification and entry into service (EIS) by the end of 2011. The (PIP) has completed extensive ground testing and more than >26 hours of flight testing on the A320.
October 2012: A320-200 delivery for Thai AirAsia (THA).