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Sunday, April 1, 2007

Rotorcraft Report: Bank of America Delves Into Helicopter Business

PRODUCTS/AIRFRAMES

Bank of America is pursuing a greater share of the market for financing, leasing, and refinancing new and pre-owned turbine helicopters in the United States.

To lead its initiative, the bank has hired Chuck McGuire, an industry veteran with 15 years at Textron Aerospace Finance Div. and 10 years with Bell Helicopter. That initiative is under Bank of America’s corporate aircraft finance team, headed by Michael Amalfitano. McGuire said the "extended lead times and deliveries being pushed out, in some cases, more than a year" poses challenges for operators in terms of interest rates in effect when their aircraft are delivered.

As part of its efforts, Bank of America set up joint referral and marketing agreements with CAMP Systems International and Jet Support Services, Inc. Clients who sign up for CAMP’s maintenance-tracking system of JSSI’s engine-maintenance program services will be eligible for enhanced services and reduced fees from Bank of America.

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