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US-Bangla Airlines has taken long-term lease of two ATR 72-600 aircraft from TrueNoord.
The airline already has four Boeing 737-800, three Dash-8 Q 400 and two ATR 72-600 aircraft. One of the ATRs had been provided by TrueNoord.
“These new-vintage ATR72-600s are needed to meet the growing demand for domestic travel across our route network,” said Mohammed Abdullah Al Mamun, managing director of US-Bangla Airlines.
“We are very pleased to work with TrueNoord as a specialist lessor in the regional sector – their expertise with turboprop aircraft perfectly complements our business strategy.”
“Our recent deliveries to them form part of a growing footprint for TrueNoord across the Indian subcontinent,” said Anne-Bart Tieleman, CEO of TrueNoord.
“We are currently working on a variety of transactions where the flexibility and operational route expansion opportunities provided by regional aircraft suit the growth ambitions of several airlines.” “These two turboprops increase our number to fourteen ATRs out of an aggregate fleet of 49 regional aircraft operating worldwide.”
The aircraft leasing company’s website says the economic and logistical benefits of turboprop aircraft provide the best solution where local geography is inhospitable and shorter runways are commonplace.
TrueNoord’s portfolio of turboprops is operating across India, Bangladesh and Southeast Asia improving connectivity and commerce.
The company is seeing significant growth across all parts of Asia, and as air travel becomes more affordable and the regional airport infrastructure expands, this increase is set to continue.
The new additions have been financed by Citibank, Société Général and Royal Bank of Canada under TrueNoord’s new warehouse finance facility, said a press release.
Milbank, Tweed, Hadley & McCloy LLP represented TrueNoord and Clifford Chance advised the banks on the financing side of the transaction.
US-Bangla Airlines currently flies to 16 destinations covering eight cities: Dhaka, Chattogram, Cox’s Bazar, Jashore, Sylhet, Saidpur, Rajshahi and Barishal.
(TDS)
