Natexis Banques Populaires (NBP) aircraft finance unit has been spun off into a separate entity – Natexis Transport Finance.

All of NBP’s portfolio of aircraft loans, valued at US$2bn, have been transferred to the 100% owned subsidiary, which will be run by Christian McCormick, former head of aircraft finance at NBP.

From a customer perspective, the unit remains a fully integrated part of the NBP and will continue to be registered in France and regulated by the French Banking Commission (Commission Bancaire), with whom it retains a full banking licence.

Recent mandates for the unit include one from KLM to finance three A330-200s, as part of a US$540mn total package for six A330-200s. Calyon has been mandated for the remaining three. The financing will include European export credit loans and a junior commercial loan.