Cargolux deepens ties with China’s largest banks

October 3, 2017: Luxembourg's cargo airline Cargolux has announced plans to develop relations with three of China's largest banks.

As a member of the Luxembourg Finance mission to China this week, Cargolux representatives discussed an increased strategic cooperation and lending opportunities with the Industrial and Commercial Bank of China (ICBC), the China Construction Bank and the China Merchant Bank.

Cargolux and its Chinese partners have developed strong ties since Henan Civil Aviation and Investment (HNCA) became a Cargolux shareholder in 2014. These ties were deepened during a state visit to China in June 2017 by Luxembourg’s Prime Minister Xavier Bettel, Minister of Sustainable Developmentand Infrastructure, Francois Bausch and Minister of Finance, Pierre Gramegna, who met with the Presidentof the People's Republic of China, Xi Jinping, and State Council Premier, Li Keqiang, to enter into a Commercial Cooperation Agreement in relation to the launch of Henan Cargo Airlines, the joint venture airline that Cargolux and HNCA are setting up.

These meetings underline the deep, mutually beneficial relations that have developed, not only between Luxembourg and China, but also between Cargolux and the Chinese financial institutions. It also shows Cargolux’s strong support for the Chinese Air Silk Road initiative.

During the recent mission, Cargolux was represented by the airline’s President & CEO Richard Forson, and its executive vice president and CFO, Maxim Straus. The conference in Beijing was a good opportunity to present the world’s leading cargo airline to China’s leadership.

“We welcome this excellent event that helps to facilitate the cooperation between Chinese and
Luxembourgish companies,” says Forson. “Cargolux enjoys a long presence and history in the Chinese
market and has a good experience in the partnerships with important Chinese entities”.

As a leading player in the global airfreight industry, Cargolux benefited from the conference in Beijing by
creating a strong foundation for the increasing and strategic cooperation and lending opportunities with
Industrial and Commercial Bank of China, China Construction Bank and China Merchant Bank (Leasing)
that serves to boost and strengthen air freight links between both countries.

As a first step of deepening the strong cooperation, Cargolux and ICBC, during the mission to China and
in the presence of Pierre Gramegna, signed a facility agreement that lays the framework for further
strategic cooperation between the world’s largest bank and one of the world’s major cargo airlines.

“The cooperation with ICBC holds much promise for our future,” says Straus. “It also underlines the
commitment that we made in regards to our Chinese expansion, the partnership with HNCA and the
success of Henan Cargo Airlines.“

“ICBC attaches great importance to the financial innovation and support for capacity cooperation under the One Belt One Road framework, such as the Air Silk Road cooperation between China and Luxembourg,” says Chen Fei, General Manager of ICBC Luxembourg Branch, “ICBC has shown that it is willing to take a leading role in Luxembourg’s market by working with key players in various industries and will prove to be a valuable partner for Cargolux and even Luxembourg with China.”