ICBC and CFM sign US$1.1bn LEAP-1A engine deal

ICBC Leasing, a subsidiary of Industrial and Commercial Bank of China (ICBC), has signed an agreement with CFM International to purchase the advanced LEAP-1A engine to power 40 Airbus A320neo aircraft. This engine order is valued at more than US$1.1bn at list price. The aircraft order was announced in 2012. “We first selected CFM56 engines in 2012 and the very positive feedback we have had from our customers assured us that we had made the right choice,” said Mark Jiang, global head of Aviation Finance in ICBC Leasing. “We believe that LEAP-1A engine will provide greater efficiency and performance to our customers’ fleet.”