The aircraft leasing arm of China Construction Bank, one of the world's biggest companies, is to set up its international headquarters, it was confirmed on Friday.
CCB Leasing International has signed a Memorandum of understanding (MOU) with IDA Ireland to set up a base in Dublin and said it plans to grow its aircraft fleet here from 17 to over 200 aircraft over the next five years.
"Ireland is an ideal launch pad for European, African and American markets and we aim to expand into shipping and other leasing activities from our Irish base in the future," said Hongzhang Wang, chairman of China Construction Bank.
China Construction Bank, which is the fourth largest bank in the world, said Ireland will be the headquarters for all of the bank’s aircraft leasing activities outside of China.
The company was established in December 2014 and started operations the following month. By the end of July the lessor had a fleet of 11 aircraft with plans to add 6 additional planes by the end of the year. The company’s assets are worth approximately $760 million. It signed a new $500 million financing facility with Deutsche Bank on Friday.
The Chinese aviation market is one of the fastest-growing worldwide the arrival of CCB Leasing there will be five of the top six banks in China with operations in Ireland. Other Chinese companies to set up here include ICBC Leasing, Bank of Communications Financial Leasing (JY Aviation) and CDB Leasing.
Ireland is a leading centre for aircraft financing and leasing with half of the world’s commercial aircraft fleet and over €83 billion in assets managed from here. As many as 14 out of the top 15 global lessor companies are located in Ireland, and the aircraft leasing industry here employs more than 1,200 people.
