Third Chinese aircraft leasing company sets up operations in Ireland
IDA Ireland, the foreign investment agency of the Irish government, is pleased to announce that a third Chinese leasing company has chosen Ireland as a location for its leasing operations. Three Chinese aviation operations have located their European HQs in Ireland in the last 18 months, with the latest arrival being Bank of Communications Financial Leasing (JY Aviation) which has set up its European HQ in Dublin to manage 21 aircraft from Ireland. The company has begun the process of recruiting for its Dublin operation. Bank of Communications Financial Leasing (JY Aviation) is the leasing arm of Bank of Communications, which was founded in 1908 and is one of the largest banks in China, headquartered in Shanghai. Bank of Communications Financial Leasing joins two other Chinese leasing companies with existing operations in Ireland: ICBC and CDB. IDA Ireland has made aircraft leasing one of its investment priorities in China, due to the strong growth of the Chinese aviation market which has has tripled in size over the past 10 years. Over the next 20 years, Chinese airlines will need nearly 6,000 new airplanes, valued at $780bn, accounting for more than 40% of forecast deliveries to the Asia Pacific region. ICBC Leasing is the leasing arm of ICBC Bank, the largest bank in the world by total assets and market capitalisation. It is one of China’s ‘Big Four’ state-owned commercial banks. ICBC Leasing established their European HQ in Dublin in 2012 and the company currently manages over 360 aircraft from their Irish operation. CDB Leasing (Sinoaero) is the leasing arm of China Development Bank, one of the China’s policy banks which is under the direct jurisdiction of the State Council of People’s Republic of China. CDB Leasing established its European HQ in Dublin in 2012 and manages a large fleet of aircraft from Ireland. Mr Luo Le, who heads up the Irish operations of Bank of Communications Financial Leasing (JY Aviation), the latest arrival to Ireland, said: “JY currently has a fleet of 21 aircraft leased to both Chinese, Asian and European airline customers, and plans to add another 15 – 20 aircraft to its fleet through sale/lease-back, financial lease and portfolio acquisition within 2014. JY schedules to recruit in Ireland an experienced team of aviation leasing experts including commercial, technical, legal and operation personnel before the end of 2015.” Commenting on the expansion of Chinese leasing operations into Ireland, Eileen Sharpe, Director of IDA Growth Markets, said: “The Chinese aviation market is one of the fastest growing in the world and it is a key sector within China’s financial services industry. We aim to work closely with these three strategically important financial institutions as their operations develop in Ireland in coming years. The arrival of such major financial institutions into Ireland will allow IDA to market Ireland’s offering to this sector more widely in the Asia-Pacific region’’.
For further information please contact: Kevin Sammon, IDA Ireland, Head of Public Relations, 087 6188564