Confirm CIT to acquire Barclay's; largest factoring merger in history. (CIT Group Holdings to acquire Barclays Commercial Corp.) (Brief Article)

Daily News Record, November, 1993 by Rutberg, Sidney

Largest factoring merger in history

NEW YORK - In the largest factoring combination ever, CIT Group Holdings, parent of the CIT Group/Commercial Services, has agreed to acquire Barclays Commercial Corp.

The agreement confirms reports in DNR (Oct. 29, Page 10) that a deal was near for CIT to acquire the Barclays operation.

CTI Group/Commercial Services is the nation's largest factoring firm, with volume in 1992 of $7.4 billion. Volume of Barclays Commercial Services last year totaled $4.7 billion. The combination of the two firms would represent about 23 percent of the entire factoring industry.

In its announcement, CIT said the proposed acquisition would give CIT a "major presence in the Southeastern United States and would...

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