News Column

New bank to join Novus Aviation, Airbus JV

July 10, 2014

Alexander Cornwell Staff Reporter



Dubai: Tamweel Aviation Finance (TAF), a joint venture involving aviation financer and leaser Novus Aviation Capital and Airbus, is set to add a second bank to the group. The Development Bank of Japan (DBJ) is the third member and currently the only bank involved in the joint venture. The joint venture was established in 2013 and in March this year it closed a finance lease with Emirates for an Airbus A380-800. It was the third transaction for TAF.

Without divulging the bank's name, a tight-lipped Safwan Kuzbari, President and Chief Executive Officer of Novus Aviation Capital, told Gulf News that an announcement was imminent for "another strategic bank [to join TAF]."

"We will be making an announcement next week," he said.

TAF is a managed financing platform that offers turnkey alternative financing solutions to airlines and aircraft leasing companies, according to the Novus Aviation website.

Kuzbari confirmed the bank would not be from the Middle East, where Novus Aviation works with a number of institutions that are co-investors as well as banks that lend capital to the financier and leaser.

He said that the joining "strategic bank" would make TAF "more global".

Kuzbari declined to provide further details on the new member.

TAF is expected to complete two Airbus A380 deals with "major airlines" within weeks, according to comments from Kuzbari.


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Source: Gulf News (United Arab Emirates)


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