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.

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