Monday 22nd January 2018 - Bocomm Leasing hosted its ceremony on Monday 22nd of January. This marked both the celebration of its 10th Anniversary and the relocation of Bocomm Aviation Leasing Ireland to Ely Place, Dublin 2. Senior Vice President of Bocomm Leasing, Mrs Li Ru was joined by Minister of State of the Department of Finance and the Department of Public Expenditure and Reform with special responsibility for Financial Services and Insurance, Michael D’arcy TD, IDA Ireland senior executives and other distinguished guests at the ceremony.
Bocomm Leasing established its first Irish company in 2011 and since then the business has developed and grown at a rapid yet sustainable pace. Over the last number of years, its Irish subsidiary, Bocomm Aviation Leasing Ireland, has trebled its employment. As a result, they have now relocated to a spacious new office which has ample capacity to suit their growing needs. They are confident of a successful future here in Ireland and are committed to continuously developing their Irish subsidiary. To this end, they intend on doubling their employment in the Irish office by 2020.
Mr. Chen, Chairman of Bocomm Leasing says: “In the past decade, Chinese leasing companies have grown rapidly and reshaped the competitive landscape of the global leasing industry. Ireland is at the heart of aviation leasing. We have already built core competence on aviation leasing and are confident of a successful future here in Ireland. Meanwhile, we will focus to develop the professionalism and capabilities of international operations and the life-cycle value chain management. We are also very proud and honored to play a role in strengthening the cooperation between China and Europe.”
Speaking at the ceremony today, Minister of State for Financial Services Michael D’Arcy TD said: “I am delighted to be here today to celebrate Bocomm Leasing’s 10th anniversary and the opening of new offices for its aircraft leasing business. I have been impressed to learn of the huge success of Bocomm Leasing since it was established in Ireland. Ireland is firmly established as the leading global hub of aircraft leasing. Ireland’s double tax treaty network, our competitive rate of corporation tax and effective common law legal system are key factors in attracting international aircraft leasing operations. In addition, the skills base that Ireland offers the sector plays an important role in sustaining and growing the industry. The Government is focused on protecting our position at the centre of global aviation finance and we continue to work closely with industry to implement the IFS2020 Strategy in its aim to promote Ireland as the European location of choice for specialisation and innovation in financial services.”
Martin Shanahan, CEO, IDA Ireland said Bocomm leasing is a key client in IDA’s portfolio of Chinese leasing companies operating from Ireland. Chinese companies are now looking to internationalise their businesses and are viewing Ireland as the ‘gateway to Europe’ with a proven track record of being consistent, transparent and competitive. I wish Mr. Chen and his team continued success and the support of IDA Ireland as they grow their business here.
Bocomm Leasing was founded in December 2007. Since then, it has grown tremendously, so that it is now the second largest financial leasing company in China. Not only does Bocomm Leasing receive great support from Bank of Communications, the eleventh largest bank in the world, but it has also built strong leasing capabilities worldwide. Today, the total leasing assets of Bocomm Leasing is worth over 200 billion RMB (approx. US$31 billion). The company will continue to develop business with three key principals: “Global vision, Stable Operation, and Win-win cooperation”.
Aircraft leasing is the largest part of Bocomm Leasing’s business. At present, it owns more than 170 aircraft, serving more than 50 lessees worldwide and has an order book of approximately 200 aircraft from Boeing, Airbus and COMAC. In total, Bocomm Leasing’s portfolio of aircraft is worth more than US$9 billion. As a result, it is one of the top 3 lessors in the Chinese aircraft leasing market, and ranked 12th in the global aviation leasing market. Bocomm Leasing has talented and experienced professionals who can offer the clients specialized aviation leasing products, as well as a variety of feasible solutions to successfully satisfy the airline’s needs.
Lastly, on this special occasion of both the 10th anniversary of Bocomm Leasing and the relocation of their Irish subsidiary, Bocomm Leasing would like to thank the Irish government, clients and manufacturers, leasing peers and third-party service providers for their help, support, guidance and cooperation over the last decade. They hope to work in partnership with peers and successfully establish a win-win cooperation with all parties and together march into a brighter future!
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