NCB Capital expands aircraft leasing platform

Saudi Arabia’s NCB Capital has announced that a vehicle advised by one of its subsidiaries has signed an agreement to acquire a portfolio of 19 commercial aircraft from NYSE-listed aircraft leasing and aviation finance company AerCap Holdings.

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 $500 million revolving Murabaha facility structured with Citibank and jointly arranged by Citibank and BNP Paribas, a statement said on Monday.

AerCap, will provide technical and lease management services to the portfolio.

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 statement added.