CIT Group's $560 million deal to buy Heller Financial's domestic factoring business is likely to sharpen the competition between CIT and Bank of America Corp., one of the few remaining big U.S. banks in the business.

Heller's commercial services unit, which has $435 million of net assets, provides factoring, asset-based revolving credit facilities, and accounts-receivable management to clients in the domestic textile and apparel industry.

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