Export Development Canada (EDC) announced that it closed a financing facility with Minsheng Financial Leasing Co., Ltd (MSFL), of Beijing, China, to facilitate its leasing of business jets from Montreal-based Bombardier. MSFL will use the proceeds for the purchase of one Global5000 and four Global6000 business jet aircraft. MSFL will then lease the aircraft into the Chinese market.

“MSFL is a key customer in a priority market for EDC, and we are honored to have the opportunity to work with them,” said Benoit Daignault, Senior Vice-President and Global Head of Financing and Investments, EDC. “EDC’s role is to provide a financing solution that allows MSFL to advance its interests in the business jet leasing industry, on its own terms, using Bombardier aircraft. As a leasing leader across a variety of industries, EDC hopes to find areas where MFSL can use our financing to help them grow their aviation business, and even extend to new areas when they use world-class Canadian products and services.”

EDC has had permanent in-market staff in China since 2006, located in Shanghai and Beijing.  In 2012, more than 400 Canadian companies used EDC financing and insurance products to complete more than CAD 6.1 billion of business with Chinese companies. 

Founded in April of 2008, MSFL was one of the first five Chinese financial leasing companies with a banking background to be approved by the China Banking Regulatory Commission. MSFL is the top player in the industry in terms of scale and profitability. At end of June 2013, its total assets exceeded US$17.2 billion, with 2013 net income exceeding US$155.4 million. Currently, MSFL owns more than 180 business aircraft, over 130 ships and more than 4.6 million tonnages bulk carrier capacity. MSFL is the biggest business aircraft leasing company in Asia and the biggest ship leasing company in China.