Embraer and Minsheng Financial Leasing Co., Ltd., a subsidiary of China Minsheng Banking Co., Ltd., and one of the largest financial institutions providing executive jets leasing services in China, signed a Memorandum of Understanding (MoU) in a ceremony held at Embraer’s headquarters in Sao Jose dos Campos, Sao Paulo, Brazil. According to the MoU, Minsheng Financial Leasing intends to purchase up to 20 of Embraer’s full line of executive jets. They are expected to be fully converted into firm orders in the next five years and deliveries may commence in 2011.
“China’s business aviation market, as one of the greatest potential markets in the world, continuing to signify the importance of business aviation in a global economy. We are glad to be selected as the partner of Minsheng Financial Leasing to jointly promote the development of China’s executive aviation market. Both parties have full confidence that Embraer’s full line of state-of-the-art executive products will surely satisfy China’s market demands, to which the deal itself eloquently witnesses,” said Ernest Edwards, President, Embraer Executive Jets.
“This MoU laid a solid foundation for Minsheng Financial Leasing to be the top executive aviation leasing institution in Asia, and for Embraer to strengthen its penetration of China´s executive aviation market. Our company will continuously expand its executive jets fleet and Embraer will surely be our important partner. We look forward to a long-term partnership with Embraer to jointly promote the robust development of China’s executive aviation market by taking advantage of each party’s strengths,” said Kong Linshan, Chairman Minsheng Financial Leasing.
As the world’s only manufacturer to offer a full line of executive jets, from the entry level to ultra-large categories, Embraer accounted for 19% of the global executive aviation market deliveries in 2010 (according to data released in February 2011 by the General Aviation Manufacturers Association – GAMA), thus boasting the fastest growth in this market segment since the Company entered it in 2001. With this MoU, Embraer further consolidates its presence in China’s business aviation market, following the Company’s announcement in April 2011 to cooperate with AVIC (Aviation Industry Corporation of China) to assemble business jets in China.