RAND MERCHANT BANK BOOSTS AIRCRAFT PORTFOLIO

Dino D'Amore
By Dino D'Amore July 29, 2011 12:02

RAND MERCHANT BANK BOOSTS AIRCRAFT PORTFOLIO

Rand Merchant Bank has spent US$40 million (about 250 million rand) on three Bombardier Q400 aircraft bought from Flybe to be leased to SA Express as part of a concerted effort to grow its aviation portfolio.

“We are an investment bank and we do have a financing mindset,” said Greg McKenzie, a member of RMB’s asset-based finance team, adding that the latest Bombardier aircraft purchase was part of a bigger parcel of aircraft.

RMB had already leased out aircraft to SA Express, Air Namibia and to Flybe in the UK as well.

“We’ve been dealing with aircraft since about 1996, when we started our aircraft business – which was from a financing point of view – but this latest transaction is different in that we have actually acquired the aircraft for someone else to use.”

Dino D'Amore
By Dino D'Amore July 29, 2011 12:02
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