The Bank of China hires Goldman Sachs and BOC International as joint sponsors for Hong Kong IPO of its aircraft leasing arm BOC Aviation. [File Photo: mydrivers.com]

The Bank of China has hired Goldman Sachs and BOC International as joint sponsors for a 3-billion-US-dollar Hong Kong listing of its aircraft leasing arm.

The Chinese bank is planning to launch the IPO of Singapore-based BOC Aviation in the second quarter of 2016.

The IPO comes as Asian lessors raise funds to challenge western rivals in an industry worth hundreds of billions of dollars globally.

Rival CDB Leasing, owned by state-controlled China Development Bank, also plans to raise 1 billion dollars in another IPO set for the second quarter.