CIT Completes Acquisition of Barclays' UK and German Vendor Finance Businesses

CIT Group Inc. (NYSE: CIT), a leading global provider of commercial and consumer finance solutions, announced today that it has completed the acquisition of the UK and German vendor finance businesses of Barclays Bank PLC. The gross assets of the acquired vendor finance businesses totaled approximately $2 billion (1.1 billion Pounds sterling).

"This acquisition represents a significant step for CIT in its strategic effort to increase its presence in key European markets," said Thomas B. Hallman, CIT Vice Chairman, Specialty Finance. "In addition, this acquisition significantly leverages CIT’s existing expertise in managing vendor relationships across Europe."

The acquired businesses provide asset finance to customers of industrial equipment and technology manufacturers and suppliers throughout the UK and Germany. Approximately 60% of the acquired assets of the businesses originate in the UK with the balance in Germany.