British banking major Standard Chartered has revealed that it is exploring strategic alternatives for its aviation finance business, Pembroke.

The move is a part of London-headquartered bank’s February 2022 business strategy.

Pembroke is claimed to be a leading business for leasing and financing aircrafts. It serves airline and financial institution clients in North America, Europe, Asia, Africa, and the Middle East while managing a current fleet of aircraft.

The aviation financing sector accounts for just 2% of the overall group revenue and about 1% of the group RWA.

Standard Chartered CEO of corporate, commercial & institutional banking and Europe & Americas Simon Cooper said: “Our aviation finance business is an established global franchise with a differentiated track record of originating and servicing aircraft leasing and lending transactions, high-quality aircraft and loan portfolios, world-class airline relationships and a proven and respected management team.

“We believe that a new owner can drive the next phase of growth whilst we continue to focus on our commitment to improve shareholder returns and delivering on our 2024 targets.”

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Earlier this month, United Arab Emirates-based First Abu Dhabi Bank (FAB), in a stock filing, announced that it considered making a potential bid for Standard Chartered. The merger would have created a bank with more than $1 trillion in assets.