Standard Chartered global head of aviation finance ‘to leave bank’

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Simon Perkins, the Singapore-based global head of aviation finance at Standard Chartered, is leaving the bank, people with direct knowledge of the matter said.

The move comes days after Standard Chartered announced plans to axe 15,000 jobs as part of a big restructuring to cut costs and improve profitability in the face of a tougher regulatory landscape.

Perkins has been with the lender for more than a decade and has helped it expand in the booming aviation finance sector.

Standard Chartered declined to comment. Perkins could not be immediately reached for comment. The sources declined to be identified as the information is not public.

This year’s restructuring at the bank has spurred market talk that Standard Chartered could be looking to sell its profitable leasing company, Pembroke, which it bought in 2007.

Pembroke operates a fleet of about 100 aircraft, and counts Garuda Indonesia and Cebu Pacific, among its clients.

Standard Chartered’s commercial aircraft and ship leasing portfolio had a net book value of $6.1 billion at the end of 2014, up from $4.9 billion a year ago, according to the bank’s annual report. One source said aircraft leasing made up the majority of the portfolio.

There have been a spate of mergers and acquisitions among aircraft lessors, with cash-rich Asian business groups entering a sector that is increasingly viewed favourably by yield-hungry long-term investors.