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Wed 19 May 2010 04:21 PM

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Turkish Airlines leases 3 Airbus A320s from KFH arm

Kuwait Finance House's subsidiary to run the leasing process on behalf of the bank.

Turkish Airlines leases 3 Airbus A320s from KFH arm
CARRIER LEASE: Alafco has previously leased five aircraft to Turkish Airlines.(Getty Images)

Kuwait Finance House, which owns an aircraft leasing business, on Wednesday said it has leased three Airbus A320s to Turkish Airlines.

Kuwait's largest Islamic lender said in a statement that its subsidiary, Kuwait's Aviation Lease and Finance Co (Alafco), will run the leasing process on behalf of the bank.

"KFH signed an agreement to lease three Airbus A320-200 to Turkish Airlines for a period of seven years," KFH said in a statement.

It did not provide details on the rental charges.

Alafco has previously leased five aircraft to Turkish Airlines, Europe's fourth-biggest carrier, and three to Turkey's Sky Airlines, the statement said.

KFH owns 53.6 percent of Alafco, according to bourse data. (Reuters)

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