SBI on the path of Bank of China, preparing to enter aircraft leasing business

State Bank of India

State Bank of India

State Bank of India is now preparing to enter the aircraft leasing business. Bank of China also does business in this area. SBI will be able to start this business only after getting regulatory approval.

New Delhi. State Bank of India (SBI) is now considering starting an aircraft leasing business. This information has been given in a media report quoting an SBI officer. SBI Managing Director of International Banking, Technology and Subsidiaries Ashwini Tiwari has been quoted as saying that SBI is considering an aircraft leasing business option in GIFT City. However, only after getting the regulatory approval, SBI will be able to move towards starting this new business.

The government has announced incentives for aircraft leasing companies in Budget 2021-22 to open their offices in ‘Gujarat International Finance Tech-City’ (GIFT City). It is an International Financial Services Center near Ahmedabad. Currently, SBI is looking for a foreign partner for the joint venture of this business. This information has been given quoting those who have knowledge of this matter.

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On the way to Bank of ChineActually, SBI has neither experience nor expertise in aircraft leasing business. The Bank of China does this business before the country’s largest bank considers this business option. The business was started by the Bank of China under the Chinese government’s plan, which mentions making China an aircraft leasing hub.

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Bank of China is the third largest aircraft leasing company in India
Currently Bank of Chine has emerged as the largest aircraft leasing company in the world. It is also the third largest company in the region in India. Here this company has leased 25 aircraft to many airlines.

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