04 Apr 2003
BAE Systems Capital announces new lease management and administration business for its fast growing Asset Administration team. An agreement has been signed with BCI Aircraft Leasing of Chicago, Illinois ("BCI") to perform key lease and asset administration services for 3 Boeing 737-300QC aircraft operated by Europe Airpost, and a Boeing 737-200Adv aircraft operated by EAS Airlines. This agreement marks the start of what BAE Systems Capital considers to be an exciting new relationship with BCI. The intention is for additions to the BCI fleet to be similarly serviced by BAE Systems Capital.
Commenting on the agreement, Paul Rofe, General Manager Asset Administration said, "This agreement confirms that BAE Systems is considered as an important player in the servicing of aviation portfolios, and recognises BAE Systems Capital's key skills in the important area of lease management and administration. We welcome the start of this relationship with BCI, which will see us providing these key services to them. We will also benefit from the future growth BCI plan for their business as we assume the lease management and administration for new additions to the BCI fleet, as well as further aircraft in their existing portfolio."
Brian Hollnagel, President of BCI Aircraft Leasing Inc. said, "BCI is very excited about this opportunity to work with BAE Systems. Their management team and expertise in this area, as well as many others, is going to be an integral part of growing our portfolio up to and beyond $1BN."
About BAE SYSTEMS Capital:
BAE Systems Capital is a wholly owned subsidiary of BAE Systems, established to provide innovative financing solutions to support the Group's business. Its aim is to be acknowledged as the leading provider of financial and asset administration services in BAE Systems markets. Asset Administration is an integral part of BAE Systems Capital. It supports the natural development of BAE Systems own portfolio, and provides its highly specific skills directly into the international financial market place on a stand-alone basis. It currently administers assets of US $5 billion.
About BAE SYSTEMS:
BAE Systems is a systems company, innovating for a safer world. BAE Systems employs nearly 100,000 people including Joint Ventures, and has annual sales of around 12 billion. The company offers a global capability in air, sea, land and space with a world-class prime contracting ability supported by a range of key skills. BAE Systems designs, manufactures and supports military aircraft, surface ships, submarines, radar, avionics, communications, electronics, guided weapon systems and a range of other defence products. BAE Systems is dedicated to making the intelligent connections needed to deliver innovative solutions.
