Home Daily Blitz Chinese, Japanese Interested In CIT Group’s Aircraft Leasing Arm: Reuters
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Chinese, Japanese Interested In CIT Group’s Aircraft Leasing Arm: Reuters

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barrons articleThe following is an excerpt from Shuli Ren | May 30, 2016 | Barrons.com |

Reuters reported that CIT Group (CIT), among the world’s top 10 lessors, is looking to sell or spin off its aircraft leasing unit by the end of the year as it focuses on domestic banking.

And CIT already found potential suitors. China’s HNA Group and ICBC‘s leasing unit, as well as Japan’s Orix Corp. (8591.Japan), are interested. “First-round bids for CIT’s leasing arm, which owns, finances and manages a fleet of more than 350 planes, are due in June,” reported Reuters.

The leasing unit could fetch $3-4 billion.

Aircraft leasing is seen to have huge potential in Asia. BOC Aviation, an aircraft leasing arm of Bank of China (3988.Hong Kong), is scheduled to debut trading this Wednesday after raising 8.7 billion Hong Kong dollars ($1.1 billion) in Asia’s second largest IPO this year.

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