The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/File Photo Acquire Licensing Rights
Aug 28 (Reuters) – Standard Chartered (STAN.L) said on Monday it was selling its global aviation finance leasing business to Saudi Arabia-based AviLease for $700 million, as part of a drive to focus on business areas where the bank stands out from competitors.
Riyadh-headquartered AviLease, also known as Aircraft Leasing Co, is a jet lessor owned by Saudi Arabia’s sovereign wealth fund.
StanChart said in January it was exploring options for its global aviation finance business.
Dublin-based Standard Chartered Aviation Finance owns and manages more than 120 aircraft and offers services including jet fuel hedging, debt financing and remarketing of unneeded planes.
“The sale of our Aviation Finance leasing allows us to continue to…
