MONTREAL, QUEBEC -- (Marketwired) -- Airshow China -- Bombardier Inc. announced today that it has signed a memorandum of understanding (MOU) with China's SPDB Financial Leasing Co., Ltd. ("SPDBFL") which clears the way for SPDBFL to provide advance payment financing, delivery financing and leasing solutions to Bombardier customers acquiring Q-Series, CRJ Series and CSeries commercial aircraft, as well as Learjet, Challenger and Global business aircraft.
The breadth of capital available from SPDBFL for Bombardier customers is up to $500 million US.
"SPDBFL and Bombardier are equally focused on offering tailored aircraft solutions to meet the needs of airlines and other customers," said Xiang Yu, Chief Executive Officer, SPDBFL. "While this memorandum will be beneficial to both parties, it also provides a framework to advance China's finance and legal infrastructure to further improve aviation financing in the country."
"With China being one of Bombardier's key growth markets, this MOU places us in a stronger competitive position to recommend financing and leasing solutions for potential customers in the country, and is another positive step in reinforcing our domestic presence," said Marc Meloche, Head of Structured Finance, Bombardier Commercial Aircraft. "We are very pleased with the sales momentum we have been gaining in China recently."
"Dating back to the 1970s, Bombardier's involvement with China's aerospace industry has grown to include a significant fleet of business aircraft," added David Vandenberg, Head of Structured Finance, Bombardier Business Aircraft. "Agreements such as this memorandum are instrumental in supporting our long-term objective to grow our business further in the region."
About SPDB Financial Leasing Co., Ltd
SPDB Financial Leasing Co., Ltd (hereafter referred to as the Company), founded by SPD Bank1, COMAC2, SIG3 and SHLHI4 with the approval of CBRC5 is a financial institution established in April 2012 in Shanghai which specializes in providing financial leasing services. The Company is dedicated to providing financial leasing services for main-line and regional aircraft, aeronautical facilities, shipping, transportation, engineering machinery, industrial equipment, infrastructure construction, etc. and devoted to innovation in China's Green, SME and Agriculture-Rural Areas-Farmers financial services on the premise of satisfying its business strategy and customers' demands.
At the end of August, the Company had 30 billion RMB assets including aircraft, engines, hydropower stations, subways, CNG supply systems, water clean systems etc. with at least 50 clients around China. News and information are available at www.spdbfl.com.cn.
Bombardier is the world's only manufacturer of both planes and trains. Looking far ahead while delivering today, Bombardier is evolving mobility worldwide by answering the call for more efficient, sustainable and enjoyable transportation everywhere. Our vehicles, services and, most of all, our employees are what make us a global leader in transportation.
Bombardier is headquartered in Montréal, Canada. Our shares are traded on the Toronto Stock Exchange (BBD) and we are listed on the Dow Jones Sustainability World and North America Indexes. In the fiscal year ended December 31, 2013, we posted revenues of $18.2 billion. News and information are available at bombardier.com or follow us on Twitter @Bombardier.
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1Shanghai Pudong Development Bank Co. Ltd (SPDB), (SSE: 600000) incorporated on January 9, 1993 with the approval of the People's Bank of China (August 28, 1992), is a joint-stock commercial bank with its headquarters located in Shanghai.
2The Commercial Aircraft Corporation of China, Ltd (COMAC) is a Chinese state-owned aerospace manufacturer established on 11 May 2008 in Shanghai, China.
3Shanghai International Group (SIG) is a large state-owned financial holding group of P. R. C., which has full financial licenses in China and engaged in Commercial Banking, Investment Banking, Mutual Fund, Insurance, Private Equity, Trust, Assets Management, etc.
4Shanghai Long Hua International Aviation Investment Co. Ltd (SHLHI) is a state-owned by CAAC East China Regional Administration and Shanghai Xuhui District Municipal Government and engaged in the integrated investments of aero technology, IT, finance and commerce in the Riverside area if Shanghai.
5China Banking Regulatory Commission
Bombardier, Challenger, CRJ, CSeries, Global, Learjet, Q-Series and The Evolution of Mobility are trademarks of Bombardier Inc. or its subsidiaries.