EX-99.4
7
e73780ex99-4.htm
PRESS RELEASE
Exhibit 99.4
CIT COMPLETES SALE OF JOINT VENTURE
STAKE IN TC-CIT AVIATION
JV partner Tokyo Century Corporation
purchased stake in full
NEW YORK
- April 3, 2017 - CIT Group Inc. (NYSE:
CIT) today announced that it completed the sale of its 30 percent ownership stake in the commercial aircraft leasing joint ventures
TC-CIT Aviation Ireland and TC-CIT Aviation U.S., Inc. to its joint venture partner Tokyo Century Corporation (TC).
"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 CIT Chairwoman
and Chief Executive Officer Ellen R. Alemany. "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 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 Holdings Limited (Avolon), the international
aircraft leasing company and a wholly-owned subsidiary of Bohai Capital Holding Co. Ltd. CIT aims to complete the Commercial Air
transaction in the near term.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable federal securities laws that are based
upon our current expectations and assumptions concerning future events, which are subject to a number of risks and uncertainties
that could cause actual results
to differ materially from those anticipated. The words "expect,"
"anticipate", "estimate", "forecast", "initiative", "objective", "plan,"
"goal", "project", "outlook", "priorities", "target", "intend", "evaluate,"
"pursue", "commence", "seek", "may", "would", "could", "should,"
"believe", "potential", "continue", or the negative of any of those words or similar expressions
is intended to identify forward-looking statements. Important factors that could cause future events to be materially different
from our expectations include, among others, the risk that the transaction does not close or that there are changes in the
anticipated timing for closing the transaction. We describe these and other risks that could affect our results in Item 1A, "Risk
Factors", of our latest Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities
and Exchange Commission. Accordingly, you should not place undue reliance on the forward-looking statements contained in this
press release. These forward-looking statements speak only as of the date on which the statements were made. CIT undertakes no
obligation to update publicly or otherwise revise any forward-looking statements, except where expressly required by law.
EDITOR'S NOTE:
CIT thought leadership content can be found at the Knowledge
Center on CIT.com (
cit.com/knowledgecenter
) and our
CIT Point of View
blog (
cit.com/pov
). View our corporate
video (
cit.com/corporatevideo
) and follow us on
Twitter
,
LinkedIn
,
YouTube
and
Facebook
.
Register
to receive press releases at
cit.mediaroom.com/email-alerts
.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with $64 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30
billion of deposits and more than $40 billion of assets. It provides financing, leasing, and advisory services principally to middle-market
companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the
transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail
branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
CIT MEDIA RELATIONS:
Gina Proia
212-771-6008
Gina.Proia@cit.com
CIT INVESTOR RELATIONS:
Barbara Callahan
973-740-5058
Barbara.Callahan@cit.com

EX - 99 . 4 7 e73780ex99 - 4 . htm PRESS RELEASE Exhibit 99 . 4 CIT COMPLETES SALE OF JOINT VENTURE STAKE IN TC - CIT AVIATION JV partner Tokyo Century Corporation purchased stake in full NEW YORK - April 3 , 2017 - CIT Group Inc . ( NYSE : CIT ) today announced that it completed the sale of its 30 percent ownership stake in the commercial aircraft leasing joint ventures TC - CIT Aviation Ireland and TC - CIT Aviation U . S . , Inc . to its joint venture partner Tokyo Century Corporation ( TC ) . " 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 CIT Chairwoman and Chief Executive Officer Ellen R . Alemany . " 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 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 Holdings Limited ( Avolon ) , the international aircraft leasing company and a wholly - owned subsidiary of Bohai Capital Holding Co . Ltd . CIT aims to complete the Commercial Air transaction in the near term . Forward - Looking Statements This press release contains forward - looking statements within the meaning of applicable federal securities laws that are based upon our current expectations and assumptions concerning future events , which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated . The words " expect , " " anticipate " , " estimate " , " forecast " , " initiative " , " objective " , " plan , " " goal " , " project " , " outlook " , " priorities " , " target " , " intend " , " evaluate , " " pursue " , " commence " , " seek " , " may " , " would " , " could " , " should , " " believe " , " potential " , " continue " , or the negative of any of those words or similar expressions is intended to identify forward - looking statements . Important factors that could cause future events to be materially different from our expectations include , among others , the risk that the transaction does not close or that there are changes in the anticipated timing for closing the transaction . We describe these and other risks that could affect our results in Item 1A , " Risk Factors " , of our latest Annual Report on Form 10 - K for the year ended December 31 , 2016 , which was filed with the Securities and Exchange Commission . Accordingly , you should not place undue reliance on the forward - looking statements contained in this press release . These forward - looking statements speak only as of the date on which the statements were made . CIT undertakes no obligation to update publicly or otherwise revise any forward - looking statements , except where expressly required by law . EDITOR ' S NOTE : CIT thought leadership content can be found at the Knowledge Center on CIT.com ( cit.com/knowledgecenter ) and our CIT Point of View blog ( cit.com/pov ) . View our corporate video ( cit.com/corporatevideo ) and follow us on Twitter , LinkedIn , YouTube and Facebook . Register to receive press releases at cit.mediaroom.com/email-alerts . About CIT Founded in 1908 , CIT ( NYSE : CIT ) is a financial holding company with $ 64 billion in assets . Its principal bank subsidiary , CIT Bank , N . A . , ( Member FDIC , Equal Housing Lender ) has more than $ 30 billion of deposits and more than $ 40 billion of assets . It provides financing , leasing , and advisory services principally to middle - market companies across a wide variety of industries primarily in North America , and equipment financing and leasing solutions to the transportation sector . It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California , operating as OneWest Bank , a division of CIT Bank , N . A . cit.com CIT MEDIA RELATIONS : Gina Proia 212 - 771 - 6008 Gina.Proia@cit.com CIT INVESTOR RELATIONS : Barbara Callahan 973 - 740 - 5058 Barbara.Callahan@cit.com
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