ICBC MoU with Embraer22/04/2012
Embraer has signed a memorandum of understanding with China's ICBC Financial Leasing Co. Ltd. under which ICBC will provide several billion of financing for planes over five years. Demand is estimated at 430 commercial jets of up to 120-seat capacity, and 635 executive jets in the next 10 years in China. Embraer entered the Chinese market in 2000 and has already received 153 firm orders for commercial and executive jets, with more than 110 delivered. The company now accounts for three-quarters of China's market for commercial jets of up to 120 seats.ICBC Financial Leasing is a wholly-owned subsidiary of the Industrial and Commercial Bank of China. It has more than 70 jets in its portfolio and plans to expand that to 250 by 2014, according to the release.