CIT Closes New RMB2.2 Billion Facility in China

CIT Group Inc. CIT cit.com, a leading provider of financing to small businesses and middle market companies, today announced that it has closed a new RMB2.2 billion (approximately $345 million) committed facility that will allow CIT Global Vendor Finance to fund new originations in China. The committed availability period expires in September 2014 with a three year final maturity for each drawdown under the facility. “This new facility, which is incremental to a RMB1.8 billion facility we closed in China last year, will support our efforts to grow our vendor finance business in China and reflects our continued success in advancing CIT's global funding strategy,” said John A. Thain, Chairman and Chief Executive Officer.