2007'02.01.Thu
CIT Purchases Remaining Stake Of Joint Venture In China

April 07, 2006

Illustrates Company's Commitment to Expand in Asia Pacific Region
NEW YORK, April 7 /Xinhua-PRNewswire/ -- CIT Group Inc. (NYSE: CIT), a leading provider of commercial and consumer finance solutions, announced today that its Vendor Finance division has acquired the remaining 45% ownership stake in its joint venture with two Chinese companies, which was established in 1998. "CIT is a leading vendor finance company in China, where the leasing market is growing over 40% a year," said Tom Hallman, CIT's Vice Chairman for Specialty Finance. "We have posted profitable growth over the past five years and continue to see significant growth opportunities. By bringing our China operations completely under CIT's ownership, we will capitalize on the growing demand for our global financing capabilities and further extend CIT's leadership position in the region." As the largest foreign-owned vendor finance company, CIT has more vendor relationships than any other firm in China. Its customers are among the world's largest multinational companies and China's largest state-owned entities. A pioneer in the Chinese leasing market, CIT closed the first vendor finance transactions in healthcare and printing. It currently focuses on serving the technology, office equipment, healthcare, and printing sectors. CIT also has international aerospace and trade finance businesses that do business in the country. CIT has nearly $650 million in total assets in China. About CIT Vendor Finance CIT Vendor Finance is a global leader in financing solutions that drive incremental revenues for manufacturers, distributors, and other intermediaries. With over $13 billion in assets, CIT Vendor Finance has operations in more than 30 countries, supporting a wide variety of industries, including health care, industrial equipment, and technology. Vendor relationships include Avaya, Dell, Snap-on, and Toshiba. About CIT CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has over $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has approximately 6,000 employees in locations throughout North America, Europe, Latin America, and the Pacific Rim. For more information, visit http://www.cit.com . For more information, please contact: Media Kelley J. Gipson Executive Vice President, Marketing & Corporate Communications Tel: +1-973-422-3235 Investors Valerie L. Gerard Executive Vice President, Investor Relations Tel: +1-973-422-3284 SOURCE CIT Group Inc.
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