March 30 (Bloomberg) — China Development Bank Corp.’s leasing arm agreed to provide as much as $3.85 billion of customer financing to Bombardier Inc. as the planemaker seeks to boost sales in the world’s most populous nation, the company said today.
CDB Leasing Co. will help fund purchases of CSeries, Q400 and CRJ planes, according to a memorandum of understanding, the Montreal-based planemaker said in a statement. The funding will be available to both Chinese and overseas customers.
China Development, Bank of China Ltd. and Industrial & Commercial Bank of China Ltd. have increased their roles in aircraft financing as U.S. and European banks pare lending and Chinese carriers order more planes. CDB Leasing signed a $4 billion financing deal for Airbus SAS customers in January.
Bombardier also signed up Chinese suppliers as it seeks customers there. Shenyang Aircraft Corp., a unit of state- owned Aviation Industry Corp. of China, won a contract to build fuselage sections for the planned CSeries in July 2008.
The planemaker expects to win orders for the CSeries in China this year, Chief Executive Officer Pierre Beaudoin said March 20.