CIT Purchases Remaining Stake Of Joint Venture In China

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: [phone]

    Investors
     Valerie L. Gerard
     Executive Vice President, Investor Relations
     Tel: [phone]

SOURCE  CIT Group Inc.