Norwegian Air and China Construction Bank to establish a joint venture.

Norwegian Air, a Norwegian low-cost airline and Norway's largest airline, and China Construction Bank, a provider of banking, financial services and leasing, agreed to establish a joint venture to finance, own and lease aircraft that Norwegian has on order. "Following several months of negotiations, I’m very pleased to announce that we have reached an agreement with CCBLI to establish a joint venture for an initial 27 Airbus A320 NEO aircraft. This agreement will contribute significantly to reducing our current and future capital expenditure. The JV is one of many important initiatives that need to be realized to deliver on our strategy of moving from growth to profitability," Geir Karlsen, Norwegian CEO.