CIT GROUP GROWS BY ACQUIRING GE UNIT'S U.S. FACTORING ASSETS.(Brief Article)
HFN: The Weekly Newspaper for the Home Furnishing Network, September, 2003 by Zaczkiewicz, Arthur
NEW YORK-In a move that strengthens its dominance in the retail factoring business, the CIT Group said last week that its commercial services division acquired a portion of the U.S. factoring assets of GE Commercial Services, worth $446 million. Terms of the deal were not disclosed, the factor said.
"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 chief executive officer of CIT.
John Daly, president of CIT Commercial Services, said the addition to the company's existing portfolio "reinforces CIT's commitment to the factoring business and broadens our scope in the many...
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