CIT Group Inc. announced today that its Commercial Services business unit has acquired a substantial portion of the U.S. factoring assets of GE Commercial Services, a division of GE Corporate Financial Services, totalling approximately $446 million. Terms of the deal were not disclosed.
"Factoring has always been a core strength of CIT and this transaction underscores CIT's corporate strategy to seek out opportunities that fit nicely and expand our existing business lines," said Albert R. Gamper, Jr., chairman and CEO of CIT Group Inc.
"We have provided factoring services since the 1920's and look forward to welcoming a host of new clients to CIT. This addition to our existing portfolio reinforces CIT's commitment to the factoring business and broadens our scope in the many industries that sell into retail channels of distribution including furniture, apparel and consumer electronics," added John Daly, president, CIT Commercial Services.
