CIT Completes Sale of Canadian Equipment Finance and Corporate Finance Businesses to Laurentian Bank of Canada
October 03 2016 - 8:30AM
Business Wire
CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of
commercial lending and leasing services, today announced that it
has completed the sale of its Canadian equipment finance and
corporate finance businesses (CIT Canada), with assets of
approximately US $700 million, to Laurentian Bank of Canada. As
part of the sale, CIT will transfer approximately 135 employees of
CIT Canada to the Laurentian Bank team.
“We are pleased to have successfully completed this
transaction,” said Ellen R. Alemany, Chairwoman and Chief Executive
Officer, CIT Group. “Since our strategic update in March, we have
significantly improved our focus on our core businesses, and the
completion of the sale of CIT Canada represents another important
step toward becoming a leading national middle-market bank. We
remain focused on executing on our strategic and financial
initiatives to improve profitability, return excess capital to
shareholders and maintain strong risk management.”
Credit Suisse Securities (USA) LLC served as exclusive financial
advisor to CIT Group for this transaction.
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. All statements contained in this press
release, other than statements of historical fact, including,
without limitation, statements about our plans, strategies,
prospects and expectations regarding future events and our
financial performance, are forward-looking statements that involve
certain risks and uncertainties. While these statements represent
our current judgment on what the future may hold, and we believe
these judgments are reasonable, these statements are not guarantees
of any events or financial results, and our actual results may
differ materially. Important factors that could cause our actual
results to be materially different from our expectations include,
among others, the risk that CIT is unsuccessful in implementing its
strategy and business plan, the risk that CIT is unable to react to
and address key business and regulatory issues, the risk that CIT
is unable to achieve the projected revenue growth from its new
business initiatives or the projected expense reductions from
efficiency improvements, and the risk that CIT becomes subject to
liquidity constraints and higher funding costs. 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, 2015, 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.
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $65 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
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version on businesswire.com: http://www.businesswire.com/news/home/20161003005483/en/
CIT MEDIA RELATIONS:Matt Klein, 973-597-2020Director,
Media RelationsMatt.Klein@cit.comorCIT INVESTOR
RELATIONS:Barbara Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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