Aircraft to Support Fleet Modernization of One of CIS Countries’ Leading Carriers
BAKU, Azerbaijan–(BUSINESS WIRE)–#A320neo–CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. (“CDB Leasing”), announced today the completion of a delivery mandate for two brand-new Airbus A320neo aircraft to Azerbaijan’s national air carrier, Azerbaijan Airlines (“AZAL”).
The announcement of the lease agreements in June 2024 marked CDB Aviation’s first transaction in Azerbaijan, which became the lessor’s newest customer within the region. The A320neos, powered by the CFM LEAP-1A26 engines, were introduced to AZAL’s fleet as part of the airline’s fleet modernization initiative, which will replace its older A320 and A319s with the new-generation versions.
“I would like to thank the AZAL and CDB Aviation teams for their excellent collaboration to date. We are confident that the addition of these latest generation A320neo Family aircraft will further boost AZAL’s sustainable growth,” commented Jie Chen, Chief Executive Officer of CDB Aviation.
“We are pleased to deepen our cooperation with CDB Aviation through the delivery of these new A320neo aircraft. The addition of these modern, fuel-efficient aircraft supports AZAL’s ongoing fleet renewal strategy and reflects our commitment to offering passengers a more comfortable and sustainable travel experience,” said Samir Rzayev, President of Azerbaijan Airlines.
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 (“AZAL”)
AZAL holds the prestigious 4-Star Skytrax rating and has repeatedly been named Best Regional Airline in Central Asia and the CIS at the Skytrax World Airline Awards. As an IATA member, the airline continues to expand its network, drive digital innovation, and enhance passenger comfort. With a modern fleet that meets ICAO standards and an expanding route network, AZAL provides top-level service while strengthening Azerbaijan’s position in the global aviation market. Sustainable development is a cornerstone of AZAL’s strategy.
The airline is a signatory of the UN Global Compact, publishes its ESG commitments, and participates in IATA’s CO₂ Connect and IEnvA programs, reinforcing its position as a reliable and responsible partner in the international aviation industry. www.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 40-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 one of 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
Contacts
Media contact: Paul Thibeau
[email protected]; +1 612 594 9844
