Banks dump airlines for private jet owners

Banks dump airlines for private jet owners
May 24, 2013 Leaders Hub

Indications have emerged that commercial banks are extending finance offers to business moguls, influential politicians and companies interested in buying private jets.

Aviation industry sources say many banks are now unwilling to fund the operation of domestic airlines, including the purchase of aircraft, where they recorded huge bad debt in the past.

The Asset Management Corporation of Nigeria bought over N132bn bad loans from the domestic airlines to save them from dying.

Top players in the aviation sector told our correspondent that some banks had started approaching influential businessmen and corporate bodies with the offer to fund their acquisition of business jets.

According to them, the banks are looking at working out partnerships with foreign aircraft manufacturers in Europe, the United States and other countries to make the financing process a standard process.

Source: Punch

Comments (2)

  1. Amy Everpean 7 years ago

    I love flying in a private jet and i’m glad to see that banks are making it easier for individuals to start up their own business. If you have never flown on a private jet you really need to!!

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