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British Airways Secures Chinese Debt Financing

by Robin Pilgrim, LawAndTax-News.com, London

15 October 2007


It emerged at the weekend that British Airways has secured debt financing from China for the purchase of 12 Airbus A380s and 24 Boeing 787s.

According to a Sunday Telegraph report, the Industrial and Commercial Bank of China (ICBC) was granted approval for the establishment of an international leasing venture just ahead of reaching a deal with British Airways to become one of the lead debt providers on the transaction.

In a statement accompanying the launch of the international leasing unit last month, ICBC announced that:

"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."


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