CIT Group completed the sale of its 30% ownership stake in the commercial aircraft leasing joint ventures TC-CIT Aviation Ireland and TC-CIT Aviation U.S. to its joint venture partner Tokyo Century.

The TC-CIT joint ventures were established in October 2014 through a 70 percent equity contribution by TC and 30 percent equity contribution by CIT.

Separate from the TC-CIT transaction, CIT announced in October 2016 that it reached a definitive agreement to sell its Commercial Air leasing business to Avolon, the international aircraft leasing company and a wholly-owned subsidiary of Bohai Capital Holding. CIT aims to complete the Commercial Air transaction in the near term.

TCAI and TCAU will be renamed TC Skyward Aviation Ireland Limited and TC Skyward Aviation U.S., Inc. respectively.

The Capital of the two subsidiaries as of December 2016 was USD295million, NetAssets -USD316million ;