Lombard has transformed itself overnight into a global lender of
note following its agreement with its parent, the Royal Bank
of Scotland (RBS), that it can now sell corporate jet finance
to international high net worth individual clients of the troubled
bank.
The equipment finance subsidiary of RBS, which until now has
focused almost exclusively on UK clients, was granted the mandate
by its parent’s risk department several weeks ago.
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A Lombard spokesperson told Leasing Life in a statement
issued yesterday: “The mandate allows Lombard to work with RBS
Wealth Management and Global Banking & Markets businesses in
certain jurisdictions where these customers are based.”
Sources said the mandate gives Lombard freedom to lend on assets
worth up to £40 million apiece. Although Lombard has had a business
jet finance business for over a decade, it has been restricted
largely to lending to UK clients. These deals have ranged from
financing for very light jets up to aircraft worth circa £20
million.
The issuing of the mandate coincides with plans by RBS to sell
its Dublin-based RBS Aviation Capital business, which has a mix of
corporate and commercial aircraft in its portfolio.
A full report on private jet financing will appear in the
December issue of Leasing Life.
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