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NASDAQ: CIT Purchases $200 Million Aircraft-Loan Portfolio

April 05, 2012, 06:30 AM
Filed Under: Aircraft

NASDAQ reported that CIT Group bought a $200 million aircraft loan portfolio from an undisclosed European bank according to the company. The report indicates the portfolio consists of seven aviation lending facilities to several U.S. airlines and is secured by airplanes currently being built by Boeing Co. and Airbus, CIT said.  Accordng to the report, a spokesman for CIT declined to say which bank CIT bought the portfolio from and the names of the borrowers.

Nelson Chai, president of CIT, said in a statement, "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."

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