(Filed Under Financial and General Interest News). CIT Group Inc. has sold 50 percent of its interest in the CIT Business Credit Canada Inc. joint venture to CIBC, a Canadian global financial institution. The companies have renamed the new business CIBC Asset-Based Lending. They did not disclose the terms of the agreement.
CIT Business Credit was established as a joint venture between CIBC and CIT Canada in 2000.
J. Daryl MacLellan, president of CIT Canada, said that the decision to sell half of this interest to CIBC is part of the company’s commitment to streamlined, efficient business. “Our decision to divest our interest in this joint venture supports our ongoing efforts to streamline our corporate finance business and improve efficiencies. We are committed to a seamless transition to ensure uninterrupted service to CIBC’s clients.”
In other news, CIT and Lenovo, a technology company, have signed a letter of intent to establish Lenovo Financial Services (LFS), a new program with the purpose of providing vendors with financing solutions. The LFS program will begin on June 1. The program will offer leasing and financial options, and tools and online capabilities.
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