Purchase by Sumitomo Mitsui Banking Corporation of Irish aircraft leasing company marks the largest ever transaction in the industry.
MOU with Sumitomo Mitsui Banking Corporation will promote increased communication and business exchange between Ireland and Japan.
SMBC Aviation Capital is being officially launched today (October 18th, 2012) in Dublin. The new company comes into existence following the 5.8 billion acquisition of the business by a Japanese consortium led by Sumitomo Mitsui Banking Corporation (SMBC). The consortium also includes Sumitomo Mitsui Finance and Leasing, and Sumitomo Corporation. SMBC Aviation Capital is the worlds fourth largest aircraft leasing firm by owned and managed fleet and its presence here adds significantly to Irelands cluster of aircraft leasing companies; 50% of the worlds commercial aircraft fleet is now managed from Ireland.
Separately, IDA Ireland has also signed a Memorandum of Understanding (MoU) with SMBC to promote communication and business exchange between Ireland and Japan. SMBC has had a presence in Ireland since 1989 through its subsidiary, Sumitomo Mitsui Finance Dublin Ltd. This presence has been further enhanced with the acquisition of SMBC Aviation Capital and the recent opening of a Technology Development Centre of Japan Research Institute- America (JRIA) in Tralee.