Business
SC sells its aviation finance leasing to AviLease
SC sells its aviation finance leasing to AviLease.
About this update from Standard Chartered Plc
[{"type":"text","content":"\n\n \n \n \n \nStandard Chartered announces sale\nof its global aviation finance leasing business to AviLease\n \n28 August 2023, Dublin, London, Hong Kong - Standard Chartered Group has signed agreements (the \"Agreements\") dated 28 August 2023 for the sale of its global aviation finance leasing business (through the sale of shares in relevant subsidiaries and minority equity interests held by the Standard Chartered Group engaged in such business) for an initial total cash consideration of US$0.7 billion (the \"Consideration\") to Aircraft Leasing Company (\"AviLease\"), owned by the Public Investment Fund, Saudi Arabia's sovereign wealth fund. The Consideration is subject to adjustment with reference to the net asset value of the business at completion. The Consideration (and its adjustment) has been determined after arm's length negotiations as part of a competitive process.\n \nToday's announcement follows Standard Chartered's statement[1] in January 2023 that it intended to explore alternatives for the future ownership of its global aviation finance business. The sale is expected to complete towards the end of 2023.\n \nHeadquartered in Riyadh, Saudi Arabia, AviLease was launched in 2022 and offers leasing, trading and asset management services. The company's business strategy is to expand rapidly to become one of the world's top 10 leasing companies.\n \nSimon Cooper, Chief Executive Officer of Corporate, Commercial & Institutional Banking and Europe & Americas ...