US commercial finance company CIT Group is to locate its worldwide aerospace leasing and finance business at Dublin's International Financial Services Centre (IFSC). The new facility will oversee assets of more than €1.8 billion.

The company already employs 300 staff in Dublin at a special finance division in Blackrock and at the IFSC. CIT's chairman and chief executive Jeff Peek will announce its expansion in the Republic on Tuesday.

The group, which is listed on the New York Stock Exchange, has assets of $50 billion and provides financial resources, industry expertise and product knowledge to customers across a range of industries. CIT is involved in vendor financing, factoring, commercial and corporate aircraft financing, rail car and locomotive financing, construction financing, small business administration loans and asset-based and credit-secured lending.

It recently struck a pact to buy aircraft worth about $2.2 billion from Airbus, which was viewed as strengthening its position.

CIT's aerospace division leases, finances and manages more than 200 commercial aircraft and 110 regional jets to more than 120 airlines worldwide. The majority of the fleet is leased to customers outside the US.