Sunday 21 January 2018

Still flying high at aircraft lessor SMBC

THINGS are all ticking along nicely for SMBC Aviation Capital over at Dublin's IFSC. The world's third largest aircraft lessor says that in the second quarter of the year it delivered 10 aircraft to customers and signed 14 lease agreements.

Headed by Peter Barrett (right) and headquart-ered here, SMBC was formed through the $7.3bn (€5.7bn) acquisition by Japan's Sumitomo Mitsui bank of RBS Aviation Capital last year. The deal is Ireland's biggest corporate takeover. Other assets were later integrated with the enlarged group.

Barrett said the latest quarter had proved to be a strong one for SMBC. "Having just passed the first anniversary of our new shareholder ownership, we are more confident than ever in the business's ability to deliver long-term growth."

Among the aircraft delivered during the quarter were the final two Airbus A319s to Aer Lingus under a four-aircraft deal. Lease agreements were inked with airlines including Air Berlin, Iberia and Qantas. SMBC has a portfolio of over 330 aircraft.

Barrett studied civil engineering at UCC but soon after qualifying took up a job with Guinness Peat Aviation. "I do remember doing a site visit in college and it was pouring rain and 10 degrees outside and I thought, this probably isn't for me," he told the Irish Independent last year.

Still seems like a wise choice over 20 years later.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business