Standard Chartered has agreed to sell its global aviation finance leasing business to Saudi Arabian Aircraft Leasing Company (AviLease), owned by the Public Investment Fund, Saudi Arabia's sovereign wealth fund. The deal, which includes an initial cash consideration of USD700m, is expected to complete by the end of 2023, resulting in an estimated gain of USD300m and a 19 basis points increase in Common Equity Tier 1 capital ratio for the bank. The transaction includes the sale of 100% shareholding in Pembroke Group Limited, Pembroke Aircraft Leasing Holdings Limited, and Pembroke Aircraft Leasing (Tianjin) Limited, and involves AviLease funding the repayment of approximately USD2.9bn in net intra-group financing from Standard Chartered. Simon Cooper, CEO of corporate, commercial & institutional banking and Europe & Americas at Standard Chartered, said the sale allows the bank to focus on areas where it is most differentiated.
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