Standard Chartered said it is looking to explore alternative options, including a sale, of its aviation finance unit, which it said represents around 2 per cent of its group income.

“We believe that a new owner can drive the next phase of growth whilst we continue to focus on our commitment to improve shareholder returns and delivering on our 2024 targets,” Simon Cooper, chief executive of StanChart’s corporate, commercial & institutional banking business, said in a statement on Wednesday.

The UK-headquartered bank's aircraft leasing business in Ireland owns and manages a portfolio of more than 120 planes on lease to 30 airlines, according to its website.

StanChart’s aviation financing business was ranked as the 21st biggest lessor based on the $3.7 billion market value of its fleet in publisher Airfinance Journal’s 2022 rankings. – Reuters