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CIT Group in Livingston, N.J., reported higher profits, boosted by gains from its acquisition of OneWest Bank.
April 28 -
Getting CIT back on track could be a legacy-defining assignment for veteran banker Alemany, in much the same way as the firms turnaround after bankruptcy was viewed as a chance at redemption for John Thain. Success would be no small feat.
March 23 -
CIT's bread-and-butter business commercial banking weakened as it embarks on a broader turnaround plan. Soft demand from midsize companies plagued it and other lenders last quarter. Will that problem continue the rest of the year?
April 28
Laurentian Bank of Canada agreed to buy CIT Group Inc.'s Canadian equipment and corporate financing activities, adding a C$1 billion ($770 million) portfolio to the Montreal-based lender.
The purchase will "modestly" add to per-share earnings in 2017 and will add 4 percent to earnings by 2018, the buyer said Wednesday in a statement. Laurentian will partly finance the purchase by selling C$135 million of subscription receipts. Terms weren't disclosed for the acquisition, which is expected to close in its last fiscal quarter of this year.
"By providing a more complete line of products and services, a larger pool of customers and an enhanced sales force deployment, this agreement will contribute directly to achieve our growth agenda," said Francois Desjardins, chief executive officer at Laurentian Bank, said in the statement.
CIT Canada, a unit of New York-based CIT Group, operates primarily in the equipment and corporate finance sectors out of Burlington, Ontario. About 140 CIT employees will join Laurentian after the deal closes.
