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CIT Acquires $200 Million Aircraft Loan Portfolio

March 08, 2012, 06:30 AM
Filed Under: Industry News

CIT Group Inc. 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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