Credit Bank of Moscow sells Irish lessor to GTLK Europe

CBM Ireland Leasing Limited has six Boeing 737-800s in its portfolio (Leonid Faerberg / Transport-photo.com)

GTLK Europe, the European subsidiary of Russia’s State Transport Leasing Company (GTLK), has purchased CBM Ireland Leasing Limited from its previous owner Credit Bank of Moscow, as reported by the latter. The Ireland-based lessor currently has six Boeing 737-800 narrowbodies in its portfolio.

Credit Bank of Moscow received the airliners in 2015 as a result of a debt settlement transaction with a financially distressed corporate customer. All the 737s were subsequently delivered to operators under operational lease agreements via CBM Ireland Leasing. According to open sources, one of the aircraft is operated by Globus Airlines (part of Russia’s S7 Group).

Both GTLK Europe and CBM Ireland Leasing Limited are registered in Ireland. GTLK Europe says its narrowbody portfolio includes seven Airbus A321s, seven A320s, and three А319s, as well as six Boeing 737NGs and two 737-400s. The widebody segment is represented by three Boeing 777-300ERs and a single Boeing 767-300. The company also owns two regional Bombardier CRJ200s.

The parent company has been running GTLK Europe since 2012 to promote its portfolio outside Russia. The lessor’s functions include promoting Russian-made rotorcraft on the global market under an agreement with Russian Helicopters through 2025.

Credit Bank of Moscow was one of the creditors of Russian carrier Transaero Airlines, which became insolvent and left the market two years ago. The bank has its own leasing company, MKB-Leasing.

GTLK earlier voiced interest in purchasing another lessor, TransFin-M.