Standard Chartered Bank today announced that it has ordered CFM International's CFM56-7B engine to power 10 Boeing Next-Generation 737-800 aircraft announced earlier today. The order is valued at $224 million U.S. at list price.
"The CFM-powered aircraft in our portfolio have always been solid performers for us," said Kieran Corr, Head of Aviation Finance at Standard Chartered. "The operating economics we see from the Next-Generation 737-800s with the CFM56 engines makes them an efficient asset which will help us meet demand in our core markets in Asia, Africa, and the Middle East."
Standard Chartered's current portfolio includes 49 Airbus aircraft powered by CFM56 engines, including Airbus A320 and Boeing 737 family models.
"We understand the commitment Standard Chartered has made to investing in the most modern and fuel efficient aircraft in the market and we are proud to be there to support them," said Jean-Paul Ebanga, president and CEO of CFM International.
All of these new 737-800s will be powered by the CFM56-7BE engine, which became the production configuration introduced in mid-2011. CFM used advanced computer codes and three-dimensional design techniques to improve airfoils in the high- and low-pressure turbines for better engine performance. In addition, the company improved engine durability and reduced parts count to achieve lower maintenance costs. When combined with airplane improvements, the engine provides two percent better fuel efficiency and up to four percent lower maintenance costs.
About Standard Chartered
Standard Chartered (sc.com) is a leading international banking group, with around 84,000 employees and a 150-year history in some of the world's most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East. Its Aviation Finance business is a leading provider of cost-efficient, lease-based and asset-based financing solutions with specialist teams in Dublin, London, Hong Kong and Singapore. Solutions include: Sale and Leasebacks; Aircraft finance leases; Islamic finance leases; Capital market solutions; Fuel and interest rate hedging products; and export credit advisory.
About CFM International
CFM56 engines (cfmaeroengines.com) are a product of CFM International, a 50/50 joint company between GE and Safran Aircraft Engines. CFM, the world's leading supplier of commercial aircraft engines. CFM has been the sole engine supplier for all Boeing 737 aircraft models since 1981. To date, CFM has delivered more than 17,000 engines for the 737 Classic and Next-Generation programs.
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