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IDA signs MOU with China's ICBC Financial Leasing for further co-operation

Categories: Banking, Aviation, Investment

IDA Ireland has signed a Memorandum of Understanding (MOU) with ICBC Financial Leasing, part of ICBC, the world’s largest bank.

Aircraft leasing company ICBC Financial Leasing already has a presence in Ireland, managing $2bn worth of aircraft assets from its Dublin office, which opened in 2009. This operation does business with over 10 countries and there are plans to expand this base in future years

Under the terms of the MOU, IDA Ireland and ICBC Financial Leasing have agreed on increased co-operation and to hold regular meetings to explore further commercial opportunities of interest to both sides.

The memorandum was signed today at a ceremony in Beijing as part of the State visit to China. The signing was witnessed by the Taoiseach, Enda Kenny TD, and Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, along with the president of ICBC, Yang Kaisheng and senior executive vice president of ICBC and chairman of ICBC Leasing, Li Xiaopeng.

The MOU was signed by IDA Ireland CEO, Barry O'Leary, and the CEO of ICBC Financial Leasing, Cong Lin.

“ICBC is a true global leader in financial services and its leasing arm is rapidly growing its aircraft leasing business,” said O’Leary. “IDA is delighted to be able to reach an agreement with ICBC Financial Leasing that will pave the way for further co-operation on commercial projects for the future. Such agreements provide a boost to the Irish economy as we seek to cement long term links with China across a range of growing industries.”

Categories: Banking, Aviation, Investment