Ping An International Financial Leasing Co. Ltd subsidiary, Ping An Aircraft Leasing, has delivered an Airbus A350-900XWB wide-body aircraft on sale and leaseback to Ethiopian Airlines, the company said.
The transaction represents the first wide-body aircraft in its portfolio and also its first sale and leaseback in Africa.
The aircraft is the first delivery from sale and lease back arrangement for two A350-900 delivering in 2017 between Ping An Aircraft Leasing and Ethiopian Airlines.
Dublin-based Ping An Aircraft Leasing is a wholly-owned subsidiary of Ping An International Financial Leasing Co., Ltd.
Ping An International Financial Leasing Co. is a wholly-owned subsidiary of the Ping An Insurance Group, specializing in leased assets. The company is headquartered in Shanghai´s Pu Dong financial district and its business networks extend throughout the whole of China. The business has developed rapidly since it was established and as of the end of March 2017, had total assets of RMB 120bn (USD 17.4bn).