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Press Release 18 Oct 2012

  •   Purchase by Sumitomo Mitsui Banking Corporation of Irish aircraft leasing company marks the largest ever transaction in the industry.

 

  • MoU with Sumitomo Mitsui Banking Corporation will promote increased communication and business exchange between Ireland and Japan.

SMBC Aviation Capital is being officially launched today in Dublin. The new company comes into existence following the €5.8 billion acquisition of the business by a Japanese consortium led by Sumitomo Mitsui Banking Corporation (SMBC). The consortium also includes Sumitomo Mitsui Finance and Leasing, and Sumitomo Corporation. SMBC Aviation Capital is the world’s fourth largest aircraft leasing firm by owned and managed fleet and its presence here adds significantly to Ireland’s cluster of aircraft leasing companies; 50% of the world’s commercial aircraft fleet is now managed from Ireland.
 

Separately, IDA Ireland has also signed a Memorandum of Understanding (MoU) with SMBC to promote communication and business exchange between Ireland and Japan. SMBC has had a presence in Ireland since 1989 through its subsidiary, Sumitomo Mitsui Finance Dublin Ltd. This presence has been further enhanced with the acquisition of SMBC Aviation Capital and the recent opening of a Technology Development Centre of Japan Research Institute- America (JRIA) in Tralee
 

Speaking ahead of the launch, Minister for Finance, Michael Noonan said, ‘Today’s launch of SMBC Aviation Capital here in Dublin is excellent news for Ireland’s International Financial Services Sector. As a result of the acquisition the company will remain headquartered here and now has an extremely strong foundation from which to grow the number of its employees, the size of its portfolio of aircraft, and its customer base of airlines and investors around the world. I wish SMBC every success with this venture and offer the continued support of the Irish Government into the future.’

Speaking at the launch, Barry O’Leary, CEO of IDA Ireland said, ‘Ireland’s reputation as a global leader in the aircraft leasing sector has been heightened today as a result of this launch. The increased presence of SMBC in Ireland also adds to the cluster of high profile Japanese companies that have chosen Ireland as a base for their overseas operations including Alps, Fujitsu, Takeda, Trend Micro and Gala. In addition, by signing the MoU between IDA Ireland and SMBC we hope to open the doors to attract further Japanese investment into Ireland. Ireland is well positioned to offer Japanese corporations the advantages of an attractive tax regime, a pool of talented resources and a pro-business environment.’
 


For further information please contact:
IDA Ireland
Antoinette Tyrrell, Press Officer, Mob: + 353 (0) 87 7572053
Department of Finance
Paul Bolger, Department of Finance Press Office, Mob: 086 3827057.
 

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