Embraer inker memorandum of understanding with China's ABC Financial Leasing Co., Ltd.
This MoU demonstrates high confidence in Embraer from China’s financial community .São José dos Campos, March 24, 2011 – Embraer and ABC Financial Leasing Co., Ltd., a wholly owned subsidiary of Agricultural Bank of China, signed a Memorandum of Understanding on aircraft financing and leasing at a ceremony held yesterday at Embraer headquarters in São José dos Campos, São Paulo, Brazil.
The agreement is designed to create new financing opportunities for Embraer to sell aircraft in China and other markets, with a focus on the development of China’s regional, executive, and agricultural aviation. The agreement could come to as much as US$ 1.5 billion over the next five years.
“We are proud to sign this memorandum with ABC Leasing, one of Embraer’s most important partners in China. The agreement will certainly help provide strong support to our customers in China and around the world with ABC Leasing high quality standards,” said Paulo César de Souza e Silva, Embraer Executive Vice President, Airline Market. “The deal demonstrates compelling recognition and confidence in Embraer and its products from the Chinese financial community.”
“This strategic alliance with Embraer will create a new approach for both sides to jointly develop both domestic and overseas markets,” said Mr. Yang Kun, Chairman of the Board of ABC Leasing. “Both parties hold full confidence in each other’s market positioning and future prospects. By integrating the assets financing leasing services with industries entities, plus the advantages of each party, we look forward to establishing a win-win collaboration.”
With the signing of this agreement, Embraer further strengthens its cooperation with financing institutions in China. As of today, Embraer has 115 firm orders from Chinese customers, with more than 80 aircraft already delivered and operating in China.
About ABC Leasing
ABC Financial Leasing Co., Ltd., is a wholly owned subsidiary of Agricultural Bank of China and a non-banking financial institution approved and regulated by China Banking Regulatory Committee with business focusing on financing and leasing. The company is committed to providing specialized leasing and asset-financing services, mainly in sectors such as agro-related businesses, SME, equipment manufacturing, transportation, public services, financial markets and institutions.
ABC Leasing provides customized financing and leasing services, and assets-financing services for financial market and industry entities. It will maintain “serving with quality, pursuing for excellence and cooperating with passion” as the business guideline, rely on the strategic collaboration with the parent bank (Agricultural Bank of China), enhance professional management capability, establish core competitiveness and accelerate the process of internationalization.
Source: EMBRAER
