Apple Bank for Savings has agreed to guarantee a US Export-Import Bank transaction, which will support $500 million in Boeing 777 funding to Russia's VEB Leasing. The 777 fleet will be operated by Aeroflot Russian Airlines.
"Aircraft financing is one of the main business activities of Vnesheconombank," says Vnesheconombank deputy chairman and member of the board Alexander S Ivanov. "With this transaction we are happy to step into a promising and mutually beneficial partnership with Ex-Im Bank in this field."
VEB Leasing received an Ex-Im guarantee on a $535.7 million transaction for four new 777-300ERs last October. VEB Leasing is part of Vnesheconombank, Russia's state corporation bank for development and foreign economic affairs. It acts as the obligor in the financing.
The first aircraft (MSN 41679) closed on 1 February. The other aircraft under this mandate are scheduled for delivery in February, March and April. The 777s are under a 12-year finance lease with Aeroflot.