Saturday, July 13, 2024

Standard Chartered Bank closes operating lease of 5 Boeing aircraft with Akasa Air

Standard Chartered Bank said it has successfully closed an operating lease of five new Boeing 737 MAX 8 aircraft with India’s private carrier Akasa Air. The deal was structured, financed and arranged exclusively by Standard Chartered Aviation Finance.

The first four aircraft (MAX 8) were delivered between December 2022 and March 2023 and the fifth aircraft is scheduled for delivery in second quarter of 2023.

While the bank already provides Akasa Air with corporate banking solutions and services, this is the first aviation finance transaction with the airline.

Kieran Corr, Global Head of Aviation Finance and CEO of Ireland, Standard Chartered said, “This Sale and Leaseback deal shows our commitment to the Indian aviation market and to support our clients’ transition to the most fuel-efficient aircraft.”

Bhavin Joshi, co-founder and SVP Leasing & Procurement, Akasa Air said, “This agreement is a mark of confidence and further endorses Akasa Air’s robust growth and sustainable expansion plans.”

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