We’ve recently closed a multi-million dollar deal with Cebu Air
Standard Chartered Bank has closed a multi-million dollar finance lease transaction for two Airbus 320-200 aircraft with Cebu Air, Inc (PSE:CEB), the Philippines’ leading low-cost carrier.
The 10-year financing facilities for the aircraft were arranged and funded exclusively by Standard Chartered. The two aircraft were delivered just one month apart, in December 2013 and January 2014, and will be critical to Cebu Air’s fleet expansion programme, which aims to stimulate growth in the domestic market while pursuing greater market share in the international market.
“Cebu Air is an important long-term client of Standard Chartered. This transaction, along with other products and facilities the airline has with us, demonstrates our capabilities and commitment to partnering with core clients in their strategic growth ambitions. We look forward to staying close to Cebu Air and supporting them in many more years to come as they take their business forward,” said Simon Perkins, Managing Director and Chief Commercial Officer of Aviation Finance for Standard Chartered Bank.
“As we continue to expand our route network in North Asia, ASEAN and the Middle East, we look forward to working closely with our partners, particularly on our fleet expansion plans. We are glad to be a partner of Standard Chartered. Their continuous support allows CEB to offer its trademark low fares to even more travellers around the globe,” said Lance Gokongwei, President and CEO of Cebu Pacific Air.
Cebu Air Inc. is the largest carrier in the Philippine air transportation industry, offering its low-cost services to more destinations and routes with higher flight frequency within the Philippines than any other airline. The airline currently operates a fleet of 50 aircraft comprising 10 Airbus A319, 29 Airbus A320, 3 Airbus A330 and 8 ATR-72 500 aircraft. Between 2014 and 2021, Cebu Pacific will take delivery of 13 more Airbus A320, 30 Airbus A321neo, and 3 Airbus A330 aircraft.
Through a previous transaction in 2009, Cebu Air also has another Airbus 320-200 on operating lease from Standard Chartered.
For further information, please contact:
Natalie Long
Manager, Global Communications
Standard Chartered Bank
+65 6596 5388
Natalie.Long@sc.com