SG committed to business jet finance
Despite rumours that some French banks have stopped aircraft lending, Phillipe Foulon, head of aviation, at SG Equipment Finance, says that Societe Generale is still committed to business jet and helicopter finance.
Despite rumours that French banks have stopped aircraft lending, Phillipe Foulon, head of specialised asset finance and aviation, at Societe Generale (SG) Equipment Finance, says that his bank is still committed to business jet and helicopter finance.
Shares in EADS, the parent company of Airbus, fell 7.5% in Paris on September 22 after a French newspaper reported that several French banks have stopped aircraft finance. Les Echos said that banks were having trouble obtaining dollar refinancing.
“SG Equipment Finance has a strong commitment to corporate aircraft finance and that commitment has not changed,” said Foulon. “Our portfolio is still growing and there has been no change to our operations or strategy.”
SG Equipment Finanxce is a significant aircraft-based lender in western Europe, central and eastern Europe, Latin America and Asia. It offers business jet and helicopter loans ranging from $2 million for turboprops and helicopters up to large business jets of $35m, with an average deal size of between $5 million and $10 million. Althpugh it does support SG’s corporate and private bank clients it also lends to its own customers in the 25 countries where it has a local presence.
Several airlines – including Emirates and Ryanair – have said that French banks show signs of being less committed to commercial aircraft finance.
