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UTair Aviakompaniya OAO : UTair Receives Bank Guarantees From HSBC for Transporting

11/22/2012 | 08:33am US/Eastern
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UTair Receives Bank Guarantees From HSBC for Transporting

HSBC Russia together with The Saudi British Bank (SABB, HSBC's bank in Saudi Arabia) has issued banking guarantees for UTair Aviation's transporting Hajj pilgrims from Ingushetia, which satisfy local legislation norms.

UTair transported about 1,700 pilgrims on Magas-Medina and Jeddah-Magas routes on October 9 - November 10, 2012 with comfortable Boeing 737-800 aircraft.   

First Deputy General Director and CFO of UTair Aviation Igor Petrov said: "HSBC is one of our strategic partners and we actively cooperate in realization of UTair fleet expansion. The deal on financing transportation for Hajj is unique and demonstrates the bank's flexibility in solving the most difficult questions of providing financial tools, including the ones, which satisfy Arabic countries' legislation norms".

Sergei Chetverikov, head of Commercial clients department at HSBC Russia, said: "The deal with UTair is an important top up for our project portfolio as it demonstrates our broad client services portfolio and the advantages our clients can take due to HSBC Group's global presence. Implementing this project we develop our successful cooperation with UTair, which we launched in July 2012 and our professionalism in servicing aviation industry clients.

In July 2012 HSBC provided financing worth 45 million dollars for the delivery of 19 brand new Eurocopter AS 350/355 helicopters. The deal was insured by the French agency COFACE.

UTair Aviationranks among the top three Russian airlines. In 2011 UTair aircraft transported 6,750,425 passengers. In the period from January-October 2012 UTair Group serviced 31.4% more passengers than for the same period of 2011. In 2012 the airline expects an increased transport volume of up to 10 million passengers. The airline operates more than 200 fixed wing aircraft and performs flights to 110 destinations in Russia and aboard. The airline maintains its central hub at Vnukovo International Airport in Moscow, from which it performs 100 flights daily.

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