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.

“We are pleased to have completed the sale of our joint venture stake in TC-CIT, and we value the long-standing partnership we have built with Tokyo Century Corporation,” said Ellen R. Alemany, CIT chairwoman and CEO. “The completion of this transaction aligns with our strategy to simplify the company and focus on our goal of being the leading national bank for specialty lending and leasing to the middle market and small businesses.”

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