As part of its initiative to prepare for independence, Tyco Capital Corporation, the financial services subsidiary of Tyco International Ltd., announced that it is to revert to using the CIT brand name.
The Tyco Capital family of companies are subsidiaries of Tyco International Ltd. Tyco Capital is a leading, global source of financing and leasing capital and advisor for companies in more than 30 industries. Managing $50 billion in assets across a diversified portfolio, Tyco Capital offers vendor, equipment, factoring, consumer, and structured financing capabilities.
CIT Commercial Services, which became Tyco Capital in 2001 after roughly 71m shares in CIT were bought by Tyco, are leaders in the US factoring market. They have approximately 300,000 factoring clients and in 2000, they estimated their factored volume at US$27bn – roughly 35% of the total factored volume for the country in the same year.
