On September 18, ICBC received approval from China Banking Regulatory Commission to set up a financial leasing unit, a new company wholly-owned by ICBC with a capital base of RMB 2 billion. It will be registered in Tianjin Binghai New Area, becoming one of the largest financial institutions in this strategic development area designated by the State.
ICBC said setting up the leasing subsidiary is an important strategic play as the bank seeks an integrated approach to spread its service capacity across different markets. This should further streamline ICBC business structures and income streams.
This new ICBC subsidiary of financial leasing has a global mindset within its fold - international, market-driven and professional, and would operate a leasing business for ships, aircraft and other equipments. It offers a full range of innovative financial services, embracing leasing, rental transfer and securitization, asset management and industry investment consultancy under one roof.
In China, being the largest aircraft leasing bank and one of the biggest banks for ship financing, ICBC holds a strong customer base. Years of practices indirectly help ICBC accumulate experience in aircraft leasing and secure a team of top staff to pave the ground for the new company to set sail.
