November 13, 2017: ICBC Financial Leasing Co., Ltd, a subsidiary of Industrial and Commercial Bank of China (ICBC), and CFM International signed an agreement for the purchase of 80 LEAP-1B engines to power 40 Boeing 737 MAX aircraft in the presence of US President Trump and China President Xi Jinping. Yi Huiman, chairman of ICBC and John Rice, vice chairman of CFM parent company GE, signed the agreement. The engine order is valued at nearly $1.1 billion US at list price and ICBC Leasing is scheduled to begin taking delivery in 2018.
"We appreciate the trust that ICBC Leasing has in our products and service," said Weiming Xiang, president of CFM International Greater China. "I believe the LEAP-1B powered Boeing 737 MAX will bring greater performance and efficiency for ICBC Leasing's customers and greater comfort for their passengers."
ICBC Leasing had first placed an order for CFM56-5B engines to power 22 Airbus A320 family aircraft in September 2011. Since then, ICBC Leasing has placed multiple orders with CFM, including a $300 million order in 2014 for 30 additional CFM56-5B engines; and, most recently, at the 2017 Paris Air Show when the company placed a $1.0 billion order for 80 LEAP-1A engines to power new A320neo aircraft.