Boeing (NYSE: BA), Sberbank of Russia and its wholly owned subsidiary, Sberbank Leasing, have reached an agreement on an order for 12 Next-Generation 737-800s. The airplanes are intended for operational leasing under Sberbank's contract with Transaero, one of Sberbank's key corporate customers.
Valued at more than $1 billion at current list prices, the deal will help lay the groundwork for developing an environment for finance and operational leasing of imported aircraft in Russia. Sberbank will follow international standards for airplane leasing, allowing it to provide air carriers with modern, world-class finance solutions.
"The agreement that we have reached today marks a very significant step forward and is evidence of Sberbank's commitment to aviation financing. It substantially contributes to the development of trade and economic relations between Russia and the U.S.," said Herman Gref, CEO and chairman of the board of Sberbank of Russia. "Sberbank will use our new 737-800s to give our corporate customers the best service available in the aircraft leasing industry."
"Aviation has a proud history in Russia as does Sberbank," said Shep Hill, president of Boeing International. "Similarly Boeing's partnership with Russian industry and the aerospace sector in particular date back over 40 years. Boeing is honored to have long and mutually beneficial relationships with outstanding customers and partners and is now privileged to enjoy the support and confidence of Sberbank as the bank moves into aircraft leasing."
"This is a historic milestone in our long-term relationship with Sberbank and yet another strong endorsement of the 737," said Marty Bentrott, vice president, sales, Middle East, Russia and Central Asia, Boeing Commercial Airplanes. "We are delighted Sberbank has chosen the Next-Generation 737 and its market-leading performance, reliability and exceptional value for our customers."
The Boeing 737-800 is one of the best-selling versions of the highly successful Next-Generation 737 family, the most technologically advanced airplanes in the single-aisle market. The Next-Generation 737's market success has been confirmed by investors who consistently rank it as the most preferred single-aisle airplane due to its wide market base, superior performance efficiency and lowest operating costs in its class.
Sberbank of Russia is the largest bank in Russia and Commonwealth of Independent States. Sberbank Leasing, founded in 1993, is one of the leading leasing companies in Russia.
Source: The Boeing Company (NYSE: BA)
Date: Apr 5, 2013