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Standard Chartered exits aviation leasing and financing sector

Banking group sells $4.5bn in assets and loans in deals with Saudi state-owned group and company backed by Apollo

Standard Chartered has sold $4.5bn in assets linked to aircraft leasing and financing, announcing two separate deals with Riyadh-based AviLease and with a company backed by US private equity group Apollo.

The banking group on Monday said it had sold its aircraft leasing business for $3.6bn, including operational assets worth $700mn and loans totalling $2.9bn, to AviLease, which is owned by Saudi Arabia’s PIF sovereign wealth fund.

It also agreed to offload secured aviation loans valued at $920mn to Apollo-backed PK Airfinance, a provider with a portfolio of $4bn across 80 operators globally.

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