Standard Chartered has successfully closed the sale-leaseback of two Airbus A320neo aircraft with Scoot Pte. Ltd. (operating as Scoot), a Singaporean low-cost airline and a wholly owned subsidiary of Singapore Airlines. The deal was structured, financed and arranged exclusively by Standard Chartered Aviation Finance. The sale-leaseback of both aircraft was completed in April 2022.
Kieran Corr, Global Head of Aviation Finance and CEO of Ireland, Standard Chartered, said: “This sale-leaseback of two Airbus A320neo aircraft strengthens our longstanding relationship with Singapore Airlines and is a demonstration of our commitment to support Scoot by helping to expand its fleet with cleaner, newer technology aircraft.”
Leslie Thng, CEO of Scoot, said: “Our partnership with Standard Chartered is testament to Scoot’s commitment to ensuring cost and fuel efficiencies to offer customers safe, greener and more sustainable journeys. Fleet renewal is a key constant in our corporate planning to upkeep Scoot’s fleet, which has a current average age of six years, to continue serving our customers better for years to come.”
Patrick Lee, Cluster CEO, Singapore and ASEAN Markets (Malaysia, Vietnam, Thailand and Representative Offices), Standard Chartered, said: “Being an important aviation hub, Singapore has made great strides in delivering regional and international connectivity. As an international bank focused on helping our clients in markets where we operate with their transition planning and to achieve sustainable growth, we are proud to have supported Scoot with this important financing.”
Standard Chartered has worked closely with Singapore Airlines Group arranging various types of aircraft financing deals over the years, including sale-leaseback and secured debt financing for both narrowbody and widebody aircraft.