National Commercial Bank sets up special purpose vehicle in Cayman Islands

The National Commercial Bank (NCB) has set up Peregrine Aviation Topco Limited, a wholly-owned special purpose vehicle in the Cayman Islands, after obtaining regulatory approvals.

Peregrine will invest through lending or equity subscription in a company that will acquire, lease and sell aircraft, the bank said in a bourse statement Tuesday.

The new entity, financed from the bank’s internal resources, has SAR 187,500 ($50,000) in authorized capital.

There will be no financial impact on NCB’s financial statements as a result of incorporating the new company, the lender added.