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Will Support Efforts to Grow CIT’s Vendor Finance Business in China
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that it has closed a new RMB2.2 billion (approximately $345 million) committed facility that will allow CIT Global Vendor Finance to fund new originations in China. The committed availability period expires in September 2014 with a three year final maturity for each drawdown under the facility.
“This facility will allow us to efficiently fund the growth of our business as we continue to meet the equipment financing needs of our customers throughout China.”
“This new facility, which is incremental to a RMB1.8 billion facility we closed in China last year, will support our efforts to grow our vendor finance business in China and reflects our continued success in advancing CIT’s global funding strategy,” said John A. Thain, Chairman and Chief Executive Officer.
Adrian Pang, Managing Director, CIT Vendor Finance, Asia, said, “This facility will allow us to efficiently fund the growth of our business as we continue to meet the equipment financing needs of our customers throughout China.”
Bank of Communications Co., Ltd. served as Agent and Arranger while Agricultural Bank of China Limited served as Co-Arranger under the facility. Bank of Beijing Co., Ltd. and China Merchants Bank Co., Ltd. also served as committed lenders.
About CIT Global Vendor Finance
CIT Global Vendor Finance is a leader in developing business solutions for small businesses and middle market companies for the acquisition of equipment and value-added services. It creates tailored equipment financing and leasing programs for manufacturers, distributors, and product resellers across industries that are designed to help them increase sales. Through these programs, it provides equipment financing and value-added services, from invoicing to asset disposition, to meet its customers’ needs. cit.com/vendorfinance
About CIT
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
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