Here at the Paris Air Show yesterday Robert Martin, managing director and CEO of Singapore-based BOC Aviation, a subsidiary of the Bank of China, shook hands with CFM International executive v-p Chaker Chahrour on a deal for CFM’s LEAP 1A engine to power 10 A320neos–the lessor’s first neo order. BOC also ordered CFM56-5B powerplants for 10 A320ceo aircraft, the total value of the commitments amounting to $460 million at list prices. Martin said at the signing ceremony at CFM’s stand (Hall 2a B252) that the lessor would add 50 aircraft to its fleet this year.
Bank of China
BOC Aviation (Hall 5, Stand D262) has grown from just another player in the aircraft leasing business to a prominent brand, and the world’s fifth largest aircraft lessor. Started in 1993 as Singapore Aircraft Leasing (Sale), it was acquired by Bank of China in December 2006 for $3.25 billion. In July 2007, its name was changed to BOC Aviation.
It came as no surprise to industry watchers that Minsheng Financial Leasing Co. Ltd. (MSFL) won the recent Corporate Jet Investor (CJI) award for Asian Business Jet Financier of the Year. MSFL has so far signed agreements for, and placed nonrefundable deposits on, more than 100 private aircraft acquisitions in China. The firm’s total registered capital is RMB five billion ($790 million).
What did last week’s Singapore Airshow tell us about the state of air transport in the Asia Pacific region? Apart from highlighting Indonesia as being a pocket of pent-up demand for fleet modernization, the honest answer is not very much.
Singapore-based aircraft leasing company BOC Aviation has placed a firm order for 15 Embraer E190s, the Brazilian manufacturer announced in late November. Embraer’s newest aircraft leasing customer expects deliveries to start in the fourth quarter of this year and run through 2014.