CIT Aerospace reports strong end to 2016

CIT Group has announced that its commercial aircraft leasing business CIT Aerospace in a strong position.

During the fourth quarter of 2016, CIT Aerospace signed 26 lease agreements for current and future leases of commercial aircraft and delivered 17 aircraft, including new and used aircraft and lease extensions of the existing fleet, to its airline customers around the world.

This took the company’s total for 2016 to 108 lease agreements, 63 aircraft deliveries and the addition of seven new customers.

Tony Diaz, president of CIT Aerospace, said: “CIT Aerospace had an outstanding 2016, in terms of executing on plan to serve our customers’ fleet requirements and deliver customized, advanced aircraft solutions.

“Our fourth quarter results mirror the strength and consistency of our operating performance for the entire year. It demonstrates our ability to provide customers with the level of high-quality service they’ve come to expect from a premium leasing franchise.”

CIT Aerospace owns, finances and manages a fleet of more than 350 commercial aircraft, serving approximately 100 customers in 50 countries.

Last October, CIT Group announced a definitive agreement to sell CIT Aerospace to Avolon, an international aircraft leasing company based in Dublin and a wholly-owned subsidiary of Bohai Capital Holding Co., Ltd. The deal, worth $10 billion, is expected to close later in 2017.