Aircraft to Support Fleet Modernization of One of the CIS Countries’ Largest Carriers
BAKU, Azerbaijan--(BUSINESS WIRE)--Jun. 17, 2024--
CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. (“CDB Leasing”), announced today the execution of lease agreements for two Airbus A320neo aircraft with a new customer and one of the largest carriers in the Commonwealth of Independent States (the “CIS”) countries, Azerbaijan's national air carrier, Azerbaijan Airlines (“AZAL”).
The A320-251 aircraft will be scheduled to be delivered in June and July 2025 and will support the airline’s fleet renewal strategy targeted to equip the carrier with the most modern and fuel-efficient aircraft.
“This new partnership with AZAL is an important milestone for our platform, as it marks our very first transaction within Azerbaijan, as well as the addition of a new customer in the region,” commented Jie Chen, CDB Aviation’s Chief Executive Officer. “We are confident that the selection of these latest generation A320neo Family aircraft will further boost AZAL’s sustainable growth, providing passengers with excellent comfort throughout its fleet.”
“The signing of these two leases marks the start of our fleet replacement to the most modern aircraft and interiors. Our passengers will be delighted with what can be achieved in the NEO cabin, with their increased comfort and enjoyment. It’s been a pleasure working with CDB Aviation, and we look forward to taking delivery of the Airbus aircraft in the summer of 2025,” said AZAL President, Samir Rzayev.
“I would like to thank the AZAL and CDB Aviation teams for their excellent collaboration on both sides of this transaction and their outstanding efforts, hard work, and dedication in getting these lease agreements over the finish line,” added Chen.
Forward-Looking Statements
This press release contains certain forward-looking statements, beliefs or opinions, including with respect to CDB Aviation’s business, financial condition, results of operations or plans. CDB Aviation cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ”may,” “will,” “seek,” “continue,” “aim,” “anticipate,” “target,” “projected,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” “achieve” or other terminology or words of similar meaning. These statements are based on the current beliefs and expectations of CDB Aviation’s management and are subject to significant risks and uncertainties. Actual results and outcomes may differ materially from those expressed in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.
About Azerbaijan Airlines
Azerbaijan Airlines (“AZAL”) is a national air carrier and one of the leading aviation companies in the CIS countries with the most modern aircraft fleet. Due to the high standards of passenger service quality, it is one of the leading air carriers in the civil aviation industry. This is confirmed by high positions in the recognized international ranking according to Skytrax. AZAL is always working to expand its route network - in addition to many regular routes, the carrier often opens new seasonal and charter routes. AZAL has aircraft orders for eight Boeing 787-9s starting 2026 and Airbus NEOs starting 2028, mainly as replacements. The market is growing strongly so growth aircraft are also needed which will be sourced from lessors. https://azal.az/en/
About CDB Aviation
CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. (“CDB Leasing”) a 39-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody’s (A2), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606). www.CDBAviation.aero
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Paul Thibeau
Paul.THIBEAU@CDBAviation.aero; 612-594-9844
Source: CDB Aviation
