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The Bank of China has acquired the largest aircraft leasing company in Asia, marking an unprecedented expansion overseas.

The nation's second largest lender announced on its website that it had paid US$965 million in cash to wholly own Singapore Aircraft Leasing Enterprise (SALE), which was established in 1993.

Shareholders of the leasing company included Singapore Airlines and WestLB AG, with 35.5 percent ownership each, as well as the Temasek Holdings and the Government of Singapore Investment Corporation (GIC), which each held 14.5 percent.

Spokesperson for the Bank of China (BOC) Wang Zhaowen said the acquisition formed part of the BOC's overall corporate strategy in expanding its scope of diverse financial services and increasing its diversification into non-interest income.

SALE, which had a diversified customer base in 20 countries across six continents, would continue to be run by its existing management team based in Singapore led by chief executive officer Robert Martin.

The BOC will leverage on its global client resources and institutional network in China and overseas to support SALE's global business development, particularly in China's aviation sector, which is one of the fastest growing in the world.

Insiders said the takeover would help the bank preserve its asset value and offset risks incurred from the appreciation of the yuan.

(Xinhua News Agency December 18, 2006)