Local banks finance Chinese aircraft for the first time

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Local banks finance Chinese aircraft for the first time

A duo of local banks entered China’s aircraft finance business for the first time. Woori Bank and the Industrial Bank of Korea (IBK) announced Friday that they jointly signed a contract with China’s CMIG Aviation to provide loans secured on aircrafts owned by the company.

Woori will lend $40 million and IBK $3.9 million. CMIG Aviation is an affiliate of China Minsheng Investment Group, and it is involved in aircraft leasing, management and aircraft purchasing consultation services.

Woori’s Hong Kong branch will be responsible for handling the finances. A source at Woori Bank said that the company will keep seeking business opportunities in East Asia.

By Park Eun-jee

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