NEW YORK Canadian Imperial Bank of Commerce and a unit of consumer finance company CIT announced Wednesday that they had formed a joint venture to offer asset-based lending products in Canada.
The new venture, which will be co-owned by both companies, will be called CIT Business Credit Canada and will be headquartered in Toronto, the companies said in a joint statement issued in New York. Dennis McCluskey, a senior executive at CIBC with a background in commercial banking, will be president of the new company.
Terms of the agreement were not disclosed. CIT is a diversified financial services company based in Livingston, N.J. CIT Business Credit is the unit involved in the joint venture. That unit is part of CIT Commercial Finance, an operating group of CIT.