OREANDA-NEWS. January 24, 2012. UTair Aviation and CJSC Sberbank Leasing concluded a finance lease deal for 7 Boeing aircraft. The total project cost is more than USD 100 million. The term of the lease agreement is 5 years.

The aircraft was introduced into service in the end of 2011. In total the lease agreement provides for delivery of two Boeing 737-800s and five Boeing 737-500s. Financing of transactions is carried out by the West-Siberian Bank of Sberbank.

Acting General Director of CJSC Sberbank Leasing Sergei Clischo said: “This project demonstrates in practice the most active participation of Sberbank in financing of the modernization processes in the country. The Company's development strategy aims at diversifying the order book and gain priority competencies in the aviation market. Our experience in implementing such large-scale and complex-structured projects with the leader Russian airline UTair is a real proof: Sberbank Leasing is one of the most attractive partners for investment air transport industry projects”.

First Deputy General Director and Chief Financial Officer of UTair Igor Petrov said: “UTair continues to implement the planned program of fleet renewal. The implementation of this transaction is a logical continuation of partnership with Sberbank Leasing, built in recent years. Having a considerable experience in implementing of such transactions, we appreciate flexibility and efficiency of work showed by our partners. As one of the most stable airlines in Russia, UTair plans to further develop its cooperation with the leaders in the field of aircraft finance”.