CIT Sells 50% Interest in Canadian Joint Venture to CIBC

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it sold its 50% interest in the CIT Business Credit Canada Inc. (CIT Business Credit) joint venture to CIBC (CM: TSX;NYSE). The new business will be renamed CIBC Asset-Based Lending Inc. Terms were not disclosed.

CIT Business Credit was established in 2000 as a joint venture between CIBC and CIT Canada, a wholly-owned subsidiary of CIT Group Inc. CIT Business Credit combined CIBC's full range of commercial banking solutions with CIT's asset-based lending capability customized for the Canadian marketplace.

J. Daryl MacLellan, President of CIT Canada, said, “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.”

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About CIT

Founded in 1908 and headquartered in New York City, CIT (NYSE: CIT) is a bank holding company with approximately $45 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual, and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. www.cit.com