Standard Chartered Bank has successfully completed the purchase and leaseback of two Airbus 320-200 aircraft for Gulf Air, Bahrain’s national carrier.
The transaction involved the acquisition of two A320-200 aircraft and the lease of the aircraft to Gulf Air, on operating leases for an eight-year period by Pembroke, a wholly-owned subsidiary of Standard Chartered PLC. The aircraft were purchased from Airbus and delivered to Gulf Air recently.
“The deliveries of new Airbus A320-200s continue to support our leadership position as the carrier with the largest network in the Middle East. We are pleased to expand our relationship with Standard Chartered and diversify our financing relationship to support aircraft acquisition,” said Gulf Air’s Chief Executive Officer, Samer Majali.
“Standard Chartered Bank is proud to partner Gulf Air and to support the company as it builds for the future. This transaction is an excellent example of the range of Standard Chartered’s capabilities and our flexibility in providing financial solutions which meet our clients’ needs,” said Jonathan Morris, Chief Executive Officer, Standard Chartered Bank Bahrain.
The purchase and long-term lease of the two A320-200 aircraft, funded solely by Standard Chartered, has been structured to allow Gulf Air to have flexibility in its fleet planning. The transaction involved close cooperation between both teams to ensure the transaction closed efficiently to facilitate a speedy delivery of the aircraft to Gulf Air who put them into service immediately on its regional routes into the Middle East.
“The acquisition represents a significant deployment of capital with Gulf Air and this is the first transaction that the Pembroke has closed in Bahrain since being acquired by Standard Chartered in October 2007. Pembroke has been an excellent example of how the Bank is developing strong capabilities in areas which have great relevance to our clients and footprint,” added Garry Burke, CEO of Pembroke.