BSTDB Invests EUR 18 million in Greece’s Aegean Airlines

News | 12-Mar-2019

The Black Sea Trade and Development Bank (BSTDB) has invested EUR 18 million in the debut seven-year EUR 200 million bond issue of Aegean Airlines, Greece’s main air carrier. The funds will support the renewal of Aegean Airlines’ fleet which represents the largest private investment in Greece. The new aircraft will facilitate the offer of new services to passengers, as well as provide for increased range capabilities towards expansion to new destinations and markets. At the same time, the new fleet significantly enhances Aegean Airlines’ competitiveness through substantial operating cost savings, since the new aircraft will consume 15% less fuel.

Dmitry Pankin, BSTDB President said: “The Bank’s financing will have a high developmental impact on a wide range of economic sectors, particularly tourism, the main driver of Greece’s economy. We also believe that our participation in the bond issuance will enhance further the development and liquidity of Greece’s stock exchange market and increase market confidence.”

Founded in 1999, Aegean Airlines S.A. is the largest Greek airline by total number of passengers, number of destinations served and fleet size. The company is listed on Athens Stock Exchange since 2007 and has a market capitalisation of EUR 555.6 million. It has been a member of Star Alliance since 2010 and has been named Europe’s best regional airline by Skytrax eight times in a row, including in 2018.