LE BOURGET, France — 19 June 2017 — ICBC Leasing, a subsidiary of Industrial and Commercial Bank of China (ICBC), today signed an agreement with CFM International to purchase the advanced LEAP-1A engine to power 40 Airbus A320neo aircraft. This engine order is valued at more than $1.1 billion U.S. at list price. The aircraft order was announced in 2012.

“We first selected CFM56 engines in 2012 and the very positive feedback we have had from our customers assured us that we had made the right choice,” said Mark Jiang, global head of Aviation Finance in ICBC Leasing. “We believe that LEAP-1A engine will provide greater efficiency and performance to our customers’ fleet.”

“ICBC Leasing was one of our earliest lessor customers in China,” said Gaël Méheust, president and CEO of CFM International. “We are honored by their continued trust in the CFM product family. We look forward to bringing the better fuel efficiency, higher asset utilization, and lower overall cost of ownership that only the LEAP-1A engine can offer to all of their leasing customers.”

Since the first LEAP-1A-powered A320neo aircraft entered service in August 2016, the engine has been delivered to 14 operators worldwide. The fleet is delivering a 15 percent improvement in fuel efficiency, with an equivalent reduction in CO2 emissions; and lower noise and NOx emissions. To date, the fleet in service has logged more than 77,000 engine flight cycles and more than 145,000 engine flight hours while maintaining CFM’s industry-leading reliability.