CDB Aviation and SpiceJet Sign Lease Agreement for Three 737 MAX Aircraft

DUBLIN – November 6, 2018 – CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), today announced that the company signed an agreement with India’s low-cost carrier SpiceJet Ltd (“SpiceJet”) for the long-term lease of three Boeing 737 MAX 8 aircraft.

“We are pleased to forge this new agreement with SpiceJet for an additional three 737 MAX aircraft, which will help the airline expand and standardize its fleet,” said CDB Aviation Chief Commercial Officer Patrick Hannigan. “This efficient jet will support the carrier’s ongoing efforts to achieve a significant reduction in maintenance costs and enhance its domestic and international connectivity.”

The first MAX is expected to deliver in December 2018, with the remaining two aircraft slated for delivery in September and November 2019. In January 2018, CDB Aviation and SpiceJet entered their first deal for the MAX. With today’s announcement, the carrier will have a total of eight MAX aircraft on long-term lease from CDB Aviation.

Hannigan concluded: “While India's commercial aviation market continues to expand rapidly, the region’s airlines are accelerating their fleet modernization to meet the growing air travel demand. CDB Aviation is well positioned to provide the carriers with a full suite of operating lessor products, given our strong orderbook for new technology aircraft and focus on aggressive aircraft portfolio growth.”