Singapore Aircraft Leasing Enterprise (SALE) has been acquired by a wholly owned subsidiary of Bank of China (BOC) for $965 million in cash. Following the takeover, SALE will operate as a standalone unit within Bank of China, keeping its Singapore headquarters and management team led by chief executive Robert Martin. BOC plans to appoint directors to SALE's board.
SALE expects the move to speed up its expansion in aircraft leasing and finance, while BOC says the acquisition will give it a "well-established platform to expand into aircraft leasing, and potentially lead to other cross-selling opportunities with airline companies".
SALE, whose total assets amounted to $3.1 billion as of 30 September, owns 63 aircraft, manages 14 aircraft for third parties and has firm orders for a further 28. Airbus A320s and Boeing 737s form the backbone of the lessor's portfolio.
Source: Flight International
