(Bloomberg) -- CIT Group Inc. agreed to sell its aircraft-finance business to Avolon Holdings Ltd. for $10 billion as the commercial lender seeks to cut costs and increase profitability.
CIT intends to return $3.3 billion of common equity to shareholders, the New York-based bank said Thursday in a statement.
To contact the reporter on this story: Jenny Surane in New York at jsurane4@bloomberg.net. To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net, Steven Crabill, Dan Kraut
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
