Bank of America and Avjet Aviation Services yesterday announced a strategic alliance whereby business jet buyers will receive preferred terms if they finance their airplane through Bank of America and enter into a management agreement with Avjet.
The companies have offered the deal to three Avjet clients and are negotiating with a fourth customer, said Michael Amalfitano, head of global corporate aircraft finance for Bank of America. “We are always looking for ways to make it easier for our clients to acquire aircraft with beneficial terms,” he said. Avjet manages large-cabin business jets for clients in Southern California. Marc Foulkrod, Avjet’s chairman and CEO, said the high end of the market has held up better during the recession than the midsize and small-jet segments. Amalfitano noted that Bank of America has written $1.3 billion in new aircraft loans in the last year and added 50 new clients who have chosen to finance their airplanes through the bank.