In: Press Releases
EMBRAER INKED STRATEGIC COOPERATION AGREEMENT WITH CHINA’S MINSHENG FINANCIAL LEASING CO., LTD.
The agreement demonstrates recognition and confidence in Embraer’s executive jets from China’s financial institutions
São José dos Campos, April 4, 2011 – Embraer and Minsheng Financial Leasing, a subsidiary of China Minsheng Banking Co., Ltd., jointly announced the signature of a strategic cooperation agreement between the two parties at a press conference held last Saturday at the Hainan Rendez-vous event (http://hainanrendezvous.com/en), April 1-4, Hainan Province, China. The agreement is designed to create financing opportunities for selling Embraer executive jets to China and the international market and to jointly promote executive aviation in China.
According to data released last February 22 by the General Aviation Manufacturers Association (GAMA), Embraer was the company that had the largest growth in jet deliveries in the executive aviation market in 2010. The Company delivered 145 executive jets during the year, achieving a market share of 19%, meaning that almost one in five executive jets delivered, worldwide, was produced by Embraer.
In light of China’s growing executive aviation market, Minsheng Financial leasing marched into this market by launching executive jets leasing services in 2009. After a two-year development, Minsheng Financial Leasing has become one of the major financial institutions that provides executive jets leasing services in China.
With the signature of this agreement between Embraer and Minsheng Financial Leasing, Embraer sees more opportunities of expediting its market penetration in this booming executive aviation market.
“We are delighted to sign this agreement with Minsheng Financial Leasing, one of Embraer’s most important partners in China. Embraer has full confidence in developing cooperation with Minsheng Financial Leasing at all levels and related aspects to jointly promote China’s executive aviation market,” said Luís Carlos Affonso, Embraer Executive Vice President, Executive Jets. “The agreement demonstrates strong recognition and confidence in Embraer and its executive aviation products from the Chinese financial community.”
“Both parties hold full confidence in the prospects of China’s executive aviation market, and we believe that this strategic alliance with Embraer will succeed. With the advantages of each party, the alliance between Embraer and Minsheng Financial Leasing will surely promote sound and robust development of China’s executive aviation market. We look forward to establishing a win-win collaboration,” said Kong Linshan, Chairman Minsheng Financial Leasing.
About Minsheng Financial Leasing Co., Ltd.
Minsheng Financial Leasing Co., Ltd. (MSFL), was established in April 2008, and is one of the first five financial leasing companies approved by the China Banking Regulatory Commission (CBRC) in China. MSFL was co-sponsored by China Minsheng Banking Corporation Ltd. (CMBC) and Tianjin Port Free Trade Zone Investment Co., Ltd. The total registered capital is US$ 488 million. China Minsheng Banking Corporation Ltd. invested US$ 396.5 million, accounting for 81.25% of registered capital, and Tianjin Port Free Trade Zone Investment Co. invested US$ 91.50 million, accounting for 18.75% of registered capital.
In 2010, MSFL assets totaled US$ 6.3 billion, and the company became the leader in the respective market sectors in China leasing industry. As the main non-banking financial institution to engage in financial leasing business, MSFL has a collection of experienced leasing professionals, specializing in shipping, aviation, large equipment manufacturing and other fields to provide professional and quality financial leasing products and services to domestic and overseas large and SME enterprises.
Since its inception, MSFL has adopted the concept of professionalism and efficiency management. According to market demands, MSFL reacts with innovation, vitality and flexibility to provide quality and complete leasing services to customers. MSFL has established a good brand image in the industry and was widely acclaimed by clients.