- Standard Chartered PLC SCBFY eyes strategic options for its aviation unit, including a sale.
- The aviation finance business represents around 2% of the total Group income and 1% of Group RWA.
- Standard Chartered reportedly owned a fleet worth $3.7 billion, Reuters reports.
- Also Read: American Airlines And JetBlue Airways Tap Their Alliance Amid Antitrust Regulatory Opposition
- On January 5, United Arab Emirate-based First Abu Dhabi Bank (FAB) shared and ultimately abandoned a takeover bid.
- Commenting on the announcement, Simon Cooper, CEO of Corporate, Commercial & Institutional Banking and Europe & Americas at Standard Chartered, said, "We believe that a new owner can drive the next phase of growth whilst we continue to focus on our commitment to improve shareholder returns and delivering on our 2024 targets."
- The complexities of taking over the sprawling bank could hinder any deal, the report cited analysts and investors at the time of the FAB statement.
- The global aircraft leasing business faced challenges from inflation and rising borrowing costs despite the rebound in aviation demand.
- Related: Lufthansa Explores Partial Sale Of Aircraft Business As It Battles Strikes, Workforce Shortage
- Price Action: SCBFY shares closed at $16.76 on Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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