GR Capital aviation services and leasing arm of China Development bank close transaction
15-Dec-2009 GE Capital Aviation Services Ltd. (GECAS), the Irish-based aircraft leasing business of General Electric Capital Corporation announced the sale of 15 commercial aircraft valued at approximately US$830MM leased to multiple airlines around the world to CDB Leasing Co., Ltd., a subsidiary of China Development Bank.
President Wang Chong of CDB Leasing Co., Ltd. said: "We are pleased to close this major aircraft transaction with GECAS. It will greatly expand our international presence."
GECAS President and CEO, Norman C.T. Liu, stated that "GECAS has been providing aircraft financing to airlines in China for over twenty years. We are now pleased to work with a leading Chinese financial institution, CDB Leasing, in closing this key aircraft portfolio transaction."