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1-min read

Know the Banks That Lent Money to Jet Airways

As lenders struggle to keep Jet Airways afloat, let’s take a look at the financiers of the airline that are likely to take a hit on their balance sheet if the airline goes down.

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Updated:April 22, 2019, 11:25 AM IST
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Know the Banks That Lent Money to Jet Airways
News18 creative by Mir Suhail

Jet Airways April 17 suspended all its international and domestic flight operations temporarily. Jet Airways is under the management control of State Bank of India (SBI)-led consortium of lenders following a debt-recast plan approved by its board last month.

The consortium has invited bids for Jet Airways from potential suitors to settle their dues. On Thursday, lenders said they were hopeful that the bidding process for the airline will end successfully. "Lenders are reasonably hopeful that the bid process is likely to be successful in determining the fair value of the enterprise in a transparent manner," the lenders said in a statement.

Jet Airways had shut operations after it failed to get bankers to infuse emergency funds. Jet Airways had said in a statement on Wednesday, “Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going.”

As lenders struggle to keep Jet Airways afloat, let’s take a look at the financiers of the airline that are likely to take a hit on their balance sheet if the airline goes down.

Public sector banks: According to the Jet Airways annual report 2017-18, eight public sector banks have lent money to the airline - State Bank of India, Allahabad Bank, Punjab National Bank, Bank of India, Canara Bank, IDBI Bank Ltd, Indian Overseas Bank, Syndicate Bank

Private sector banks: Yes Bank Ltd is said to be the private bank that has the highest exposure to Jet Airways. Other than that, Axis Bank Ltd, HDFC Bank Ltd, ICICI Bank Ltd and Kotak Mahindra Bank are the banks that have lent money to Jet Airways, according to the company’s annual report.

Foreign banks: According to Jet Airways’ annual report, as many as 13 foreign banks have loan exposure to Jet Airways--Standard Chartered Bank, Lloyds Bank, Mashreq Bank Psc, Barclays Bank PLC, Bank of America NA, Citibank NA, DBS Bank, DVB Bank, First National Bank, Hongkong & Shanghai Banking Corporation Ltd, Royal Bank of Scotland, ING Amsterdam and J P Morgan Chase Bank NA.

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