SA Airways (SAA) and Standard Chartered Bank have signed a deal enabling the airline to acquire 10 Airbus A320-200 aircraft, the company said on Tuesday.

“The aircraft will be delivered over the next two years, with the first two deliveries taking place in July this year (2013),” said newly appointed SAA CEO Monwabisi Kalawe.

The deal was brokered by Standard Chartered aviation finance team Pembroke, and is a 12-year sale and leaseback agreement with SAA for 10 Airbus A320-200 aircraft.

Pembroke would own the 10 aircraft and lease them to SAA over 12 years.

Kalawe said the company was grateful that Standard Chartered had agreed to be the financiers for the first 10 aircraft in the SAA fleet renewal.

“The deal will significantly enhance SAA’s domestic and regional growth strategy to become the carrier of choice in Africa,” Kalawe said.   “The Airbus A320-200 aircraft are central to SAA’s plans to provide an efficient and comprehensive regional route network.”   He said the deal provided the necessary solution by securing a new generation, fuel-efficient fleet.

Kieran Corr, head of aviation finance for Standard Chartered, said: “We have long-standing relationships with our clients and meeting their needs is our top priority.”  Pembroke is wholly owned by Standard Chartered PLC and owns and manages a diverse portfolio of more than 90 aircraft.