Standard Chartered to Sell Aviation Finance Business for $700 Million
29 Agosto 2023 - 3:45AM
Dow Jones News
By Elena Vardon
Standard Chartered agreed to sell its global aviation finance
leasing business for an initial $700 million in cash to Aircraft
Leasing Company, or AviLease.
The Asia-focused lender on Tuesday said the consideration could
be adjusted depending on the net asset value of the business at
completion. The disposal is taking place through the sale of shares
in relevant subsidiaries and minority equity interests held by the
bank.
The transaction, which is expected to close toward the end of
the year, will result in a gain of around $300 million and increase
its common equity Tier 1 capital ratio by around 19 basis points,
the London and Hong Kong-listed group said. The net proceeds from
the sale will go toward the overall management of Standard
Chartered's capital and liquidity position, it added.
AviLease is owned by Saudi Arabia's sovereign wealth fund, the
Public Investment Fund.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
August 29, 2023 02:30 ET (06:30 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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