RBS Asset Finance: Focusing on US deals

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RBS Asset Finance may be owned by the UK's Royal Bank of Scotland but it is only interested in US business jet deals. The bank is gearing up for a busy 2011 says Donald Synborski, managing director, business aviation finance, and as an asset lender it is looking to work with new customers.

RBS Asset Finance may be owned by the UK’s Royal Bank of Scotland but it is only interested in US business jet deals. The bank is gearing-up for a busy 2011 and as an asset lender it is looking to work with new customers.

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Unlike private banks which only want to support existing customers as it name suggests, RBS Asset Finance is most interested in growing their aircraft portfolio today. “We are relationship focused, but can lead with the transaction to establish the relationship,” says Donald Synborski, managing director, business aviation finance. “”We see that as a key strength and customers appreciate it.”

Whilst it is does take the borrower’s credit very seriously it will consider a range of deals provided the asset and structure fit its criteria. RBS Asset Finance target transaction range covers middle market corporates through the large corporate and high net worth individual marketplaces. It is able to finance some turbo props and fixed wing aircraft, such as Kingair aircraft and helicopters up to larger corporate aircraft but all must be a US or N-registered aircraft.

“Paying cash today is our typical competitor,” says Synborski. “Aircraft are at historically low prices and people are getting such low rates of returns with respect to their investments that investing in an aircraft looks to be an attractive alternative use of cash.”

The business aviation finance team will consider older aircraft – provided they are not more than 25 years old at the end of the deal – and it is also considering inventory finance for selected brokers or dealers. RBS Asset Finance’s average aircraft deal size is between $10 million and $15 million.

Synborski joined the bank in May 2008 after working most recently at Key Corp, and his entire career has been focused on leasing and structured finance. He is based in Manchester, New Hampshire, with other team members located in Chicago, Pittsburgh, and Irvine, CA.

RBS Asset Finance is the 8th largest bank-owned leasing company in the US with $5 billion in assets. It is a division of Citizens Financial Group, a large US bank owned by Royal Bank of Scotland. Apart from sharing the same parent, RBS Asset Finance is not formally connected to Lombard, which finances UK and Middle Eastern aircraft, or RBS Aviation Capital, the global aircraft finance business which offered business jet and super-yacht financing until 2007.

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