ICBC Financial Leasing Co., a subsidiary of Industrial and Commercial Bank of China, has signed a memorandum of understanding with CFM International for CFM56-5B engines to power its new fleet of 22 Airbus A320 family aircraft.

The firm order, which includes three spare engines, is worth more than $450 million at US list price, according to CFMI. The Chinese leasing company is scheduled to take delivery of these aircraft in 2012.

ICBC Leasing signed a purchase agreement with Airbus in June for 42 A320s (ATW Daily News, June 29).

All of the new engines will be the CFM56-5B Performance Improvement Package (PIP) configuration, with a 0.5% improvement in fuel burn and which is scheduled for certification and entry into service by the end of 2011. The PIP has completed extensive ground testing and more than 26 hours of flight testing on the A320. 

CFM56-5B. Courtesy, CFM.