(Dublin) – January 21, 2014
Export Development Canada (EDC), Canada’s export credit agency, today announced that it closed a financing facility with Minsheng Financial Leasing Co., Ltd (MSFL), of Beijing, China, to facilitate its leasing of business jets from Montreal-based Bombardier.
MSFL will use the proceeds for the purchase of one Global5000 and four Global6000 business jet aircraft. MSFL will then lease the aircraft into the Chinese market.
“MSFL is a key customer in a priority market for EDC, and we are honored to have the opportunity to work with them,” said Benoit Daignault, Senior Vice-President and Global Head of Financing and Investments, EDC. “EDC’s role is to provide a financing solution that allows MSFL to advance its interests in the business jet leasing industry, on its own terms, using Bombardier aircraft.”
“As a leasing leader across a variety of industries, EDC hopes to find areas where MFSL can use our financing to help them grow their aviation business, and even extend to new areas when they use world-class Canadian products and services.”
EDC has had permanent in-market staff in China since 2006, located in Shanghai and Beijing. In 2012, more than 400 Canadian companies used EDC financing and insurance products to complete more than CAD 6.1 billion of business with Chinese companies.
Founded in April of 2008, Minsheng Financial leasing CO., Ltd.(MSFL) was one of the first five Chinese financial leasing companies with a banking background to be approved by the China Banking Regulatory Commission. MSFL is the top player in the industry in terms of scale and profitability. At end of June 2013, the total assets of MSFL exceeded RMB106 billion (US$17.2), with 2013 net income exceeding RMB956 million (US$155.4). Currently, MSFL owns more than 180 business aircraft, over 130 ships and more than 4.6 million tonnages bulk carrier capacity, the biggest business aircraft leasing company in Asia and the biggest ship leasing company in China.
EDC is Canada’s export credit agency, providing insurance and financial services for export trade transactions. Companies looking to involve Canadian supply and services in their supply chains can access EDC financing for their capex and/or project finance requirements, either through bilateral or corporate facilities. Operating on commercial principles, EDC has a partnership-preferred philosophy to collaborate with private sector financial institutions to share risk and create greater capacity for Canadian trade transactions. EDC is committed to Corporate Social Responsibility, and it takes into account the environmental and social impacts of its transactions.
Phil Taylor
Export Development Canada
Tel: 613-598-2904
Email (preferred): ptaylor@edc.ca
