...I...NEW YORK, June 11, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced it is selling its aviation loan portfolio to KKR. This is related to a previously announced definitive agreement for a portfolio that has a committed loan balance of nearly $800 million across more than 50 loans for approximately 60 commercial aircraft. The loans have an average yield in the mid-single digits and an average term remaining of approximately four years.
...II....With a goal to simplify operations and become a regional commercial banking institution, CIT Group has been restructuring its business. In an effort toward this direction, it announced an all-stock merger deal with First Citizens BancShares, Inc. FCNCA, which will lead to the formation of the 20th largest bank in the United States based on assets.
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.......$831.27 -26.05 (-3.04%) At close: 4:00PM EDT - 6/14/2021
