02 Oct 2002
BAE Systems Regional Aircraft and HSBC Bank Plc have jointly concluded a sale and leaseback deal with Air Malta for seven Avro RJ airliners. In addition, BAE Systems has entered into an agreement with HSBC Bank Plc to manage the leases of the seven aircraft (four Avro RJ70s and three Avro RJ85s) for five years. The deals were concluded by the Trading and Services team.
Air Malta sub-leases all seven aircraft to its Italian-based affiliate airline, Azzurra Air which is 49% owned by Air Malta. Based at Milan Malpensa, Azzurra Air operates in conjunction with Alitalia under the Alitalia Express banner, serving a range of domestic and European destinations. Earlier this year BAE Systems announced a major Jetspares support contract for Azzurra Air.
Trading and Services activities are a growing part of the business for BAE Systems Regional Aircraft, working closely with the Asset Management team. Apart from winning re-marketing mandates to sell/lease aircraft on behalf of their owners, services include lease management of aircraft fleets on behalf of financial institutions.
