LONDON (Reuters) – AerCap expects further consolidation in the global aircraft leasing sector after its takeover of General Electric (NYSE:)’s leasing business, a senior executive said on Monday.

Combining the two world’s largest aircraft leasing businesses, which will rank among the top buyers of Airbus- and Boeing-built planes (NYSE:), should be finished by the end.

Peter Anderson, chief commercial officer, responded that he expects more consolidation within the industry which finances 150 billion dollars worth of aircraft annually. The industry has enough space for many large players.

He said, speaking at the Airline Economics conference, London, that “we welcome discipline and rational competition in this market.”

“There are great platforms. It’s a different question to ask who buys whom.

Anderson stated that 50-60%, or 50%, of new passenger plane deliveries are financed by the aircraft leasing industry, which is its highest level.

Anderson said that Airbus and Boeing might be more careful about the number of planes they lease to small players, as some lessors delayed delivery during the COVID-19 crises.

Anderson stated that they would be more cautious with lessors regarding who and how much they sell.

Anderson stated that AerCap faces mixed recovery in its airline sector.

Anderson said that it is not an ongoing recovery. It will be difficult for a while,” said he, noting that Southeast Asia is a slow-growing market.

He said that the industry was growing and airlines were no longer able to obtain the concessions offered recently to keep struggling carriers afloat.

COVID-19 will not have an impact on the lease rates, he stated.