SINGAPORE – Standard Chartered Bank is holding discussions with affected staff in Singapore after it sold its global aviation finance business to Aircraft Leasing Company for US$3.6 billion .
Separately, US private equity Apollo Global Management has agreed to buy most of the US$920 million portfolio of secured aviation loans from StanChart. Affiliates of Apollo will buy the rest of the aviation loans. StanChart’s aviation financing business was ranked as the 21st biggest lessor based on the US$3.7 billion market value of its fleet in publisher Airfinance Journal’s 2022 rankings. The business has more than 120 aircraft on lease to more than 30 airlines.