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Rio de Janeiro, Brazil, 2012/06/21 - ICBC Financial Leasing Co., Ltd (ICBC Leasing), signed a deal for 10 Legacy 650 large executive jets, including five firm orders and five options, with Harbin Embraer Aircraft Industry Co., Ltd. (HEAI) - Embraer.com. NYSE: ERJ; Bovespa: EMBR3
ICBC Financial Leasing Co., Ltd (ICBC Leasing), signed a deal for 10 Legacy 650 large executive jets, including five firm orders and five options, with Harbin Embraer Aircraft Industry Co., Ltd. (HEAI), Embraer’s joint-venture with Aviation Industry Corporation of China (AVIC). Deliveries are scheduled to begin at the end of 2013.
The order makes ICBC Leasing the launch customer of HEAI’s Legacy 600/650 program and rounds out ICBC’s current 70-aircraft portfolio.
“It is really inspiring news that right after its inauguration of the Legacy 600/650 production program in China, HEAI welcomes ICBC Leasing as the first customer,” said Mr. Guo Dianman, Chairman of Harbin Embraer Aircraft Industry Co., Ltd. “We appreciate the confidence and trust ICBC Leasing has in us. By fully leveraging all resources, with the dedicated collaboration of AVIC and Embraer, HEAI will provide the outstanding and reliable performance for which the Legacy 600/650 is known.”
“Over a decade’s effort has gone into Embraer’s corporate image and products in the China market,” said Guan Dongyuan, President of Embraer China. “HEAI’s Legacy 600/650 program and an immediate order from its first customer is solid proof of the faith our Chinese customers place in Embraer. China’s fast growing economy has been cultivating its business aviation market, which is expected to require some 635 executive jets in the next decade. We believe that Embraer Executive Jets will play an important role in China’s executive aviation market.”
“As a wholly owned subsidiary of the Industrial and Commercial Bank of China, the world’s largest bank by market capitalization, ICBC Leasing commits itself to be the world’s leading financial leasing institute,” said Cong Lin, President of ICBC Financial Leasing Co., Ltd. “We are really delighted to make the order come true shortly after the Memorandum of Understanding signed by the two sides last April. We do believe that, with joint efforts, both parties will have greater achievements in the executive aviation segment.”
With this deal, Embraer’s firm orders in China total 159 commercial and executive jets, including 20 firm orders for the Legacy 650. Jackie Chan, the internationally renowned movie star and Embraer’s Executive Jets brand ambassador, was the first user of the aircraft in the Greater China region.
The Legacy 650 entered service in late 2010 and can accommodate up to 14 passengers. The jet’s range is 3,900 nautical miles (7,223 kilometers), affording nonstop distances such as Beijing to Dubai (United Arab Emirates) and Hong Kong to Adelaide (Australia), carrying four passengers under NBAA IFR conditions.
About ICBC Financial Leasing Co., Ltd
Founded in 2007 with a registered capital of USD 1.27 billion (RMB8 billion), ICBC Financial Leasing Co., Ltd. is now one of the largest financial leasing institutes in China having total assets over USD15.87 billion (RMB100 billion). The company is the first institute approved by the China Banking Regulatory Commission to have its business focus on financial leasing within the banking system. Its business covers aviation, shipping and large equipment. It is also the first one to initiate an aircraft leasing structure in a bonded zone in China. To date, it has over 70 jets in its portfolio and plans to expand to 200 jets by 2014.
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