NEW YORK, May 16 /PRNewswire-FirstCall/ -- CIT Group Inc. (NYSE:CIT), a leading global provider of commercial and consumer finance solutions, announced today that it has completed the acquisition of the U.S. Business Technology Finance unit of Citigroup Inc. (NYSE:C). The total assets of the vendor finance business are approximately $2 billion.
Thomas B. Hallman, CIT Vice Chairman, Specialty Finance, said, "The completion of this acquisition further strengthens our position as a global leader in Vendor Financing. We look forward to delivering superior customized financing solutions to some of the leading office equipment and technology manufacturers and software providers in the United States."
About CIT Vendor Finance
CIT Vendor Finance is a global leader in financing solutions that drive incremental revenues for manufacturers, distributors, and other intermediaries. It provides customized financing solutions to customers in more than 30 countries, supporting a wide variety of industries, including healthcare, industrial equipment, and technology.
CIT Group Inc. (NYSE:CIT), a leading global commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has approximately $80 billion in managed assets and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has approximately 7,500 employees in locations throughout North America, Europe, Latin America, and Asia Pacific. www.cit.com
Media Relations Investor Relations C. Curtis Ritter Steve Klimas Director of External Communications Vice President & Media Relations 973-535-3769 212-461-7711 Curt.Ritter@CIT.com
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements (including statements regarding future financial and operating results) involve risks, uncertainties and contingencies, many of which are beyond CIT's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," "target," and similar expressions are generally intended to identify forward-looking statements. Economic, business, funding market, competitive and/or regulatory factors, among others, affecting CIT's businesses are examples of factors that could cause actual results to differ materially from those described in the forward-looking statements. More detailed information about these factors are described in CIT's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2006. CIT is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward- looking statements, whether as a result of new information, future events or otherwise.
Source: CIT Group Inc.
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