South African Airways has entered into a contract with Standard Chartered Bank to purchase 10 A320 aircraft.
Standard Chartered’s aviation finance firm Pembroke facilitated a 12-year leaseback agreement, whereby Pembroke will own the planes and lease them to SAA.
SAA expects the first two aircraft to be delivered by the end of this month, with the remaining eight planes being received over a further two years.
“The deal will significantly enhance SAA’s domestic and regional growth strategy to become the carrier of choice in Africa,” said Monwabisi Kalawe, the newly-appointed CEO of SAA. “The Airbus A320-200 aircraft is central to SAA’s plans to provide an efficient and comprehensive regional route network.”