Standard Chartered agreed to sell its global aviation finance leasing business for an initial $700 million in cash to Aircraft Leasing Company, or AviLease. The Asia-focused lender on Tuesday said the consideration could be adjusted depending on the net asset value of the business at completion. The disposal is taking place through the sale of shares in relevant subsidiaries and minority equity interests held by the bank. The net proceeds from the sale will go toward the overall management of Standard Chartered’s capital and liquidity position, it added. AviLease is owned by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund.

Source: Wall Street Journal August 29, 2023 09:04 UTC