Posted on: 26 November 2015 by Ross McSweeny
In Wizz Air’s largest lease agreement yet, the airline has announced its first contract with CCB Financial Leasing for 11 Airbus A321ceo aircraft, which are scheduled to be delivered throughout 2016 and 2017. The agreement is in line with the Wizz Air business model of sale/leaseback where the company negotiates and contracts directly with Airbus for new aircraft, then executes a sale/leaseback agreement with a lessor.“We are very excited to begin a relationship with CCB Financial Leasing, and to start the relationship with our largest leasing agreement in Wizz history,” commented Wizz Air’s CEO, József Váradi. “The agreement also continues an even larger relationship between Wizz Air and the Chinese financial community. We always evaluate the best method at the time to finance our new aircraft and for the time being, sale/leaseback works best for us and our shareholders. One big reason is it allows us to maintain the youngest fleet in Europe and that benefits the customer in a number of ways.” “We are very pleased to have Wizz Air as an important customer and sign this significant transaction with them,” averred Wand Qiang, president of CCB Financial Leasing. “As part of the internationalisation strategy of China Construction Bank, CCB Financial Leasing will continue to expand its presence in the global aviation leasing market through its Irish platform.”Wizz Air began adding larger-cabin Airbus A321ceo aircraft to its A320ceo fleet this month, with the first new aircraft beginning service on 20 November. In addition to the newly delivered A321, Wizz Air has 26 additional A321ceo aircraft set for delivery through 2018 (11 now financed by CCB). Nine will join the fleet in 2016 and be deployed first to high-frequency bases including Budapest, Bucharest and Warsaw.