CDB Aviation Lease Finance Signs Memorandum of Understanding for 737 MAXs And 787 Dreamliners
Company Joins 737 MAX 10 Launch Customer Group
PARIS – June 19, 2017 – CDB Aviation Lease Finance DAC (“CDB Aviation”), a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), announced the signing of a Memorandum of Understanding with Boeing for forty-two 737 MAX 8s, ten 737 MAX 10s and eight 787-9 Dreamliners during the 2017 Paris Air Show. In doing so, CDB Aviation joins the ranks of the launch customers for the 737 MAX 10 aircraft. Included in this MOU, the company has converted six of its existing 737 MAX-8 orders to 737 MAX 10s.
The commitment, valued at $7.4 billion at list prices, comes at a pivotal time for CDB Aviation as the company seeks to propel itself into becoming a formidable global aviation leasing platform, with an aggressive growth strategy and an increasing market presence, serving a worldwide network of airline customers.
“Today’s announcement illustrates our steadfast commitment to aggressive, disciplined growth of our global footprint, fleet and market presence,” said CDB Aviation President and Chief Executive Officer Peter Chang. “This additional order of Boeing’s fastest-selling 737 MAXs and eight of its cutting-edge 787 Dreamliners to our growing fleet will play a key role in bolstering our global position and delivering the most advanced, in-demand aircraft to our expanding worldwide customer base. Today’s order places us in an improved position to better serve those customers with both narrowbody and widebody fleet requirements.”
“We are honored to bring our enduring partnership with CDB Aviation to a new level, with the new commitment for additional Boeing single-aisle and widebody airplanes to meet the needs of their customers,” said Ihssane Mounir, Senior Vice President, Global Sales and Marketing, Boeing Commercial Airplanes. “This is another demonstration of the popularity of our latest, fuel efficient 737 MAX and 787 airplane models.”
With a committed fleet of over 300 aircraft, CDB Aviation is on a fast track to becoming one of the world’s premier Chinese-owned aviation leasing companies. Chang commented, “The company continues to grow our world-class, international management team with experienced and well-respected industry leaders” and will leverage the significance of the China Development Bank and the resources it offers to “expand the company’s focus beyond China and benefit our airline customers globally.”
About CDB Aviation Lease Finance
CDB Aviation Lease Finance DAC (“CDB Aviation”) is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), a 33-year-old Chinese leasing company that is backed mainly by the China Development Bank. China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606).
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