Press Release 28 Mar 2012

Beijing, China, 28th March 2012-- IDA Ireland has signed a Memorandum of Understanding (MOU) with China’s ICBC Financial Leasing, a global leader in aircraft leasing and part of ICBC, the world’s largest bank.
 
ICBC has been instrumental in assisting a large number of Chinese companies to expand overseas in recent years and has an unrivalled client base. ICBC Financial Leasing is a key reference client for IDA Ireland.
 
As part of the State visit to China, led by An Taoiseach, Enda Kenny TD, and Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, the memorandum was signed today at a ceremony in Beijing.
 
The signing was witnessed by An Taoiseach and Minister Bruton, along with the President of ICBC, Mr Yang Kaisheng, and Senior Executive Vice President of ICBC and Chairman of ICBC Leasing, Mr Li Xiaopeng. The MOU was signed by the Chief Executive Officer of IDA Ireland, Barry O'Leary and the Chief Executive Officer of ICBC Financial Leasing, Mr Cong Lin.
 
ICBC is the world's largest bank, with 397,339 employees and $1.9trn of assets, and operates a major portfolio of businesses, including asset management, retail banking, corporate banking, leasing and private equity.
 
Its leasing arm, ICBC Financial Leasing, already has a presence in Ireland, managing $2 billion worth of aircraft assets from its Dublin office, which opened in 2009. This operation does business with over 10 countries and there are plans to expand this base in future years.
 
Under the terms of the MOU, IDA Ireland and ICBC Financial Leasing have agreed on increased co-operation and to hold regular meetings to explore further commercial opportunities of interest to both sides.
 
The signing of the MOU today follows the recent State visit to Ireland by Chinese Vice-President Mr Xi Jinping.
 
Welcoming the initiative, the chief executive of IDA Ireland Barry O’Leary said: ``ICBC is a true global leader in financial services and its leasing arm is rapidly growing its aircraft leasing business. IDA is delighted to be able to reach an agreement with ICBC Financial Leasing that will pave the way for further co-operation on commercial projects for the future. Such agreements provide a boost to the Irish economy as we seek to cement long term links with China across a range of growing industries’’.
 
For further information  contact:
 
IDA Communications Division: +353 1 6034226

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