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NCB CAPITAL AIRCRAFT LEASING PLATFORM EXPANDS

12سبتمبر2019

NCB Capital, the largest investment bank in Saudi Arabia with over

USD 40 billion of assets under management and the largest global Shariah-compliant asset manager, announced that a vehicle advised by one of its subsidiaries has signed an agreement to acquire a portfolio of 19 commercial aircraft from AerCap Holdings N.V. (NYSE: AER). AerCap, the global leader in aircraft leasing and aviation finance, will provide technical and lease management services to the portfolio.

The acquisition was structured and executed by NCB Capital in partnership with the Treasury Group of its parent bank, the National Commercial Bank (NCB), and is part-financed with a USD 500 million revolving Murabaha facility structured with Citibank and jointly arranged by Citibank and BNP Paribas. This facility is the world's first non-recourse Shariah-compliant revolving warehouse facility to acquire global aircraft assets, and is a key milestone in supporting NCB Capital's aircraft leasing and financing capabilities.

The aircraft portfolio comprises a mix of narrow-body and wide-body Airbus and Boeing aircraft on lease to 17 different airlines across 16 jurisdictions. The deal marks NCB Capital's second aircraft transaction with AerCap and brings the total portfolio under NCB Capital-managed entities to 40 aircraft.

NCB Capital's first transaction for 21 aircraft in December 2017 was followed by the launch of its landmark Aviation Fund I, a USD 200 million fund that offered KSA-based investors exposure to a unique asset class.

Sarah Al Suhaimi, Chief Executive Officer of NCB Capital said, "This innovative transaction and the application of new Shariah-compliant credit facilities, reaffirms NCB Capital's commitment to being at the forefront of the local and regional asset management sectors. We are delighted to have partnered once again with leading financial institutions and AerCap."

Talal Al Khereiji, Head of Treasury Group at NCB said, "As part of our ongoing strategic collaboration, we are delighted to partner with NCB Capital in this second aviation transaction that enables the NCB Group to continue providing innovative and market-leading solutions to our clients."

"We are very pleased to work with NCB Capital on this second innovative transaction. It reaffirms the attractiveness of our aviation assets globally and the reach and scale of the AerCap platform," said Aengus Kelly, CEO of AerCap. "With this sale, AerCap will have sold or contracted to sell approximately $1.4bn of mid-life assets to NCB since 2017. We thank NCB Capital for the confidence they have placed in AerCap and we look forward to working with the NCB Capital team for many years to come."

The transaction has been facilitated through an entity appointing NCB Capital (DIFC) Limited as its asset manager for this transaction.

 

About NCB Capital

NCB Capital was founded in 2007 as the investment banking and asset management arm of the National Commercial Bank (over 90% ownership), providing clients with premier solutions of integrated investment services. Today, NCB Capital is the largest asset manager in the Kingdom of Saudi Arabia with more than USD 40 billion of assets under management, and is the largest Shariah-compliant asset manager globally.

 

 

About The National Commercial Bank (NCB)

The National Commercial Bank (NCB) is Saudi Arabia's largest financial institution and one of the largest banks in the Pan-Arab region, with 6.7 million clients and total assets of USD 127 billion as of 30 June 2019. NCB was listed on the Saudi Arabian stock exchange in November 2014. The largest shareholder of NCB is the Public Investment Fund (PIF) with a 44% shareholding.

 

 

About AerCap

AerCap is the global leader in aircraft leasing with 1,373 aircraft owned, managed or on order and $43.1 billion of total assets as of June 30, 2019. AerCap has one of the most attractive order books in the industry. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and has its headquarters in Dublin with offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle and Toulouse.