BOC Aviation celebrates 30th anniversary

BOC Aviation
(IMAGE: Airbus)

Singapore SA2024BOC Aviation is celebrating 30 years since it was founded as Singapore Aircraft Leasing Enterprise by Singapore Airlines and Boullioun Aviation Services on 25 November 1993.

“Since inception, we have grown into one of the world’s top-five aircraft operating lessors, and the largest headquartered in Asia. Our company has generated more than US$5.7 billion of cumulative net profit after tax and has committed to purchase more than 1,000 aircraft,” said Robert Martin, Managing Director and Chief Executive Officer. “As we celebrate our 30th birthday, BOC Aviation today has a current fleet of 681 aircraft, owned, managed and on order, with close to 200 employees around the world. I appreciate the cooperation and support of all our customers, suppliers, other stakeholders, and especially our directors and colleagues for working closely to build the BOC Aviation we know today.”

During the last 30 years the company has executed more than 1,250 leases with over 190 airline customers with aircraft on lease at present to 93 airlines in 44 countries and regions. To support this expansion, the company has raised over US$40 billion in debt financing, assisted by strong investment grade credit ratings.

“With total assets of more than US$22 billion, we are the largest aircraft owner in Southeast Asia and manage these with fewer than 200 people. Since Bank of China acquired us in December 2006, we have grown our revenue from US$255 million to US$2.3 billion in 2022,” said Steven Townend, Deputy Managing Director and Chief Financial Officer. “In the last 30 years, our return on equity has been consistently one of the highest amongst major lessors and we have one of the highest credit ratings in the industry. Contributing to this has been the strong support that we have received from the Singapore government, encouraging us to develop the leasing industry locally.”

“As a world-leading aircraft lessor based in Singapore, BOC Aviation has contributed greatly to the development of our aircraft leasing sector. Over the past three decades, the company has created good jobs for Singaporeans as well as generated spinoffs to our financing and professional services firms. Congratulations to BOC Aviation on 30 years of aviation excellence, and we look forward to continuing our strong partnership in the years ahead,” said Lim Tse Yong, Senior Vice President and Head, Mobility, Industrials and Conglomerates, Singapore Economic Development Board.

BOC Aviation’s strong foundation was laid by its early shareholders, which included Singapore Airlines, Temasek Holdings and GIC. In December 2006, BOC Aviation was acquired by Bank of China, which has a long history in aviation financing and is China’s most international bank. Since its acquisition, BOC Aviation embarked on a period of significant growth and concluded a successful Initial Public Offering on the Hong Kong Stock Exchange in 2016.

The company recently announced that Steven Townend, currently Deputy Managing Director and Chief Financial Officer, will be appointed Managing Director and Chief Executive Officer with effect from 1 January 2024, replacing Robert Martin, who will step down from the role on 31 December 2023. Wu Jianguang will be appointed Chief Financial Officer with effect from 1 January 2024, replacing Steven Townend.


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