CIT sells Canadian equipment finance, corporate finance businesses to Laurentian Bank of Canada
NEW YORK--CIT Group Inc, a leading provider of commercial lending and leasing services, has agreed to sell its Canadian equipment finance and corporate finance businesses (“CIT Canada”), with more than US $700 million in assets, to Laurentian Bank of Canada. In addition, approximately 140 employees of CIT Canada will join the Laurentian Bank team.
“This transaction represents another milestone for us as we continue to exit our international businesses and focus on growing our core commercial franchises,” said Ellen R. Alemany, Chairwoman and Chief Executive Officer. “We remain focused on our strategy to become a national middle market bank and serve our customers with an integrated set of financing and deposit products.”
The transaction is expected to close in the fourth quarter of 2016, subject to customary closing conditions, including all applicable regulatory notifications and approvals. CIT Canada and Laurentian Bank of Canada will continue to operate separately until the closing of the transaction.
Credit Suisse Securities (USA) LLC served as exclusive financial advisor to CIT Group for this transaction.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
Laurentian Bank of Canada is a banking institution whose activities extend across Canada. The Bank serves one and a half million clients throughout the country and employs more than 3,600 people whose talent and dedication have made it a major player in numerous market segments. The Bank has more than $41 billion in balance sheet assets and $42 billion in assets under administration. Laurentian Bank distinguishes itself through the excellence and simplicity of its services. The Bank caters to the needs of retail clients via its branch network.