Standard Chartered Bank buys aircraft leasing firm Pembroke

Standard Chartered Bank has said it has agreed to buy aircraft leasing firm Pembroke from Medulla Asset Managers, to meet the growing demand for aircraft leasing across Asia, Africa and the Middle East.

The acquisition is expected to be completed in the final quarter of 2007, subject to regulatory approvals.

"We see many opportunities across our markets in the aviation sector, underpinned by strong air passenger growth and a continuing structural shift towards lease financing," said Standard Chartered''s chief executive of wholesale banking Mike Rees.

Rees said a combination of Pembroke''s knowledge and experience and Standard Chartered''s global franchise would make a successful amalgam as the Asia-focussed bank enters new territory.

The Dublin-based Pembroke reported gross assets of about $427 million last year.