Now that it has emerged from bankruptcy, CIT Group Inc. has learned firsthand the same lesson other nonbank lenders have: the key to survival is to be more like a bank.

A central part of the $69 billion-asset CIT's new business plan is adopting a "bank-centric" funding strategy. The New York commercial finance company wants to move some of its core businesses — factoring, vendor financing and small-business lending — into its $9.4 billion-asset Utah bank.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.