Press Release
Standard Chartered Grows Aircraft Portfolio
Bank to add 14 narrow body aircraft from GE Commercial Aviation Services
Region: Greater China and Japan, Middle East & Pakistan, Korea, South East Asia, India and South Asia, Americas, Europe, Africa Published by:
Hsueh Mei TAN
Date:
22 April 2009
Corporate finance
22 April 2009, London – Standard Chartered Bank announced today an agreement to acquire 14 narrow body aircraft from GE Commercial Aviation Services (GECAS) through Pembroke Group (Pembroke).
Pembroke, a leading aircraft leasing, financing and management firm based in Dublin, Ireland, was acquired by Standard Chartered PLC in late 2007 to provide an enhanced platform for the Bank to offer financial solutions and meet the growing demand for aircraft leasing in its markets across Asia, Africa and the Middle East.
The portfolio of 14 aircraft consists of one A320-200 and 13 B737-800s and has an average age of just over one year. All aircraft are currently on long-term lease to airlines in Standard Chartered’s strategic geographic footprint – China, Korea, Kenya and the Philippines.
Mike Rees, CEO of Wholesale Banking, Standard Chartered, said:
“We continue to see opportunities across our markets in the aviation sector, particularly in the areas of aircraft leasing and lease financing. Our acquisition of Pembroke has strengthened our ability to further accelerate our aviation finance business. The purchase of this portfolio reflects our ongoing focus on our strategy of growing our client capabilities within our key geographies and market segments.”
Sean Wallace, Group Head of Corporate Finance, Standard Chartered, said:
“The long-term view for the aviation sector remains strong. Despite the current economic environment, many of our key markets in Asia Pacific and Africa are still forecast to deliver healthy traffic growth rates -- with some even set to exceed six per cent over the next 20 years -- which will continue to drive demand for new aircraft. Our acquisition of these new, in-production and highly marketable, narrow body aircraft further develops our portfolio and enhances our ability to serve our clients in these key markets.”
For further information please contact:
Tan Hsueh Mei
Wholesale Banking Corporate Affairs
Standard Chartered Bank
Tel: +65 6725 7729
E-mail: Tan.Hsueh-Mei@sc.com
Valerie Tay
Wholesale Banking Corporate Affairs
Standard Chartered Bank
Tel: +65 6725 7792
E-mail: Valerie.Tay@sc.com
Note to editors:
About Standard Chartered
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world’s most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.
Standard Chartered aspires to be the best international bank for its customers across its markets. The Group derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, generated from its Wholesale and Consumer Banking businesses. The Group has over 1,600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.
Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs more than 70,000 people, nearly half of whom are women. The Group’s employees are of 125 nationalities, of which about 70 are represented in the senior management.
For more information, please visit: www.standardchartered.com.
About Pembroke Group Limited
Pembroke Group Limited is a wholly owned subsidiary of Standard Chartered PLC. It was founded in 1993 and provides aircraft leasing, financing, management and advisory services to the aviation industry.
Acquired by Standard Chartered PLC in 2007, it manages a diverse portfolio of more than 100 aircraft to 32 airlines in 19 countries around the world. The portfolio consists of a mix of single-aisle and twin-aisle Stage 3 jet aircraft. A number of Pembroke's current portfolio is managed on behalf of third-party banks, financial institutions and airlines.
Pembroke is part of the Corporate Finance group within Standard Chartered’s Wholesale Banking business and has presence in many of the major air hubs globally. For more information, please visit: www.pembroke-group.com.
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