NEW YORK--(BUSINESS WIRE)--NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that it has purchased a $200 million aircraft loan portfolio consisting of seven aviation loan facilities to several U.S. airlines. The loans are secured by in-production Boeing and Airbus aircraft. The loan portfolio was acquired from an undisclosed European bank by CIT Bank, a wholly-owned subsidiary of CIT.
“As a result of the changing priorities among European financial institutions, we were able to opportunistically acquire this portfolio of U.S.-based aircraft loans that offer attractive returns,” said Nelson J. Chai, President of CIT Group Inc. “We will continue to evaluate opportunities to purchase assets as we focus on prudently growing our business.”
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Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank,BankOnCIT.com, its primary bank subsidiary and an FDIC-insured online bank which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com