CIT LOGS RECORD Q3 FACTORING VOLUME; THE TRADE FINANCE UNIT HAD $117.1 MILLION IN NET REVENUES.(Brief article)
HFN: The Weekly Newspaper for the Home Furnishing Network, October, 2006
Byline: Michael Rudnick
NEW YORK-CIT Group Inc. saw record factoring volume for the recent quarter.
CIT's Trade Finance, its factoring division, reported factoring volume of $11.8 billion for the third quarter ended Sept. 30, said Jeffrey Peek, chairman and chief executive officer of CIT Group. New business volume for the quarter skyrocketed nearly 59 percent to $171.7 million from $108.2 million for the year-ago period. The company stated that its prior-quarter European acquisition helped increase factored volume versus last quarter and the same period a year ago. CIT earlier this year completed the acquisition of the German operations of Enterprise Finance Europe, a wholly owned subsidiary of the Bank of Ireland. The acquisition added $525 million...
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