CIT: ELECTRONICS, HOME LIFTED YEARLY GROWTH.
HFN: The Weekly Newspaper for the Home Furnishing Network, January, 2005
Byline: Michael Rudnick
NEW YORK-In the factoring universe, the big just keep getting bigger. For proof, look at market-share leader CIT.
During its year-end earnings call earlier this month, CIT Group Inc. boasted that its factoring business, which falls under the CIT Commercial Finance division, had a record year with annual factoring volume approaching $40 billion. In November 2004, HFN reported CIT's annual volume at $20 billion, achieving the factoring industry's top spot.
CIT's 2004 factoring assets were roughly $6.2 billion, compared with about $6.3 billion in 2003, said Jeffrey Peek, CIT Group's chairman and chief executive officer.
A notable side note: This is the first time in recent history that CIT has announced...
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