CDB Aviation, a wholly-owned Irish subsidiary of China Development Bank Financial Leasing, signed lease agreements for a pair of brand-new Boeing 737 MAX 8 aircraft with South Korea’s T’way Air.

CDB Aviation will deliver the aircraft from its orderbook with Boeing. T’way Air is expected to take delivery of the two aircraft between January and November 2024.

“We’re pleased to be strengthening our relationship with T’way, one of the fastest growing low-cost carriers in South Korea, with this transaction for two MAX aircraft. Our commercial team continues to be focused on expanding our reach in the region, working collaboratively with carriers to support their immediate and longer-term fleet needs,” Peter Goodman, chief marketing officer at CDB Aviation, said.

T’way commenced service with the 737 MAX 8 in January upon inducting its first aircraft of the type in December, which was configured with 189 single-class economy seats. The carrier currently operates the 737 MAX 8 on multiple international routes, connecting Incheon with the Philippines, Singapore and Thailand. According to T’way, the extended range of the 737 MAX 8 will enable it to fly to farther-off locations, such as Indonesia and Central Asia.

“It is a great pleasure to strengthen our relationship with CDB Aviation. We anticipate expanding our fleet by replacing our NGs with MAXs, thereby ensuring a delightful passenger experience with these highly efficient aircraft. We hope that CDB Aviation will support us in accomplishing this strategic plan,” Hong Geun Jeong, CEO of T’way Air, said.

“The teams on both sides have worked hand in hand to build a strong relationship between our companies, executing on the potential deal opportunities that effectively leverage the strength of our leasing franchise and access to new-gen aircraft to support T’way’s network expansion,” Jie Chen, CEO of CDB Aviation, said. “We’re continuing to grow our global footprint, building trusted relationships with airlines across all key markets. This campaign was one of the rare MAX skyline placement campaigns in the region, and we’re thrilled to be expanding business with T’way.”