CIT Group Inc., a provider of commercial and consumer finance solutions, announced Thursday that its vendor finance division had acquired the remaining 45% ownership stake in its joint venture with two Chinese companies.
"CIT is a leading vendor finance company in China, where the leasing market is growing over 40% a year," Tom Hallman, a CIT vice chairman for specialty finance said. "We have posted profitable growth over the past five years and continue to see significant growth opportunities."
As the largest foreign-owned vendor finance company, New York-based CIT said, it has more vendor relationships than any other company in China. Its customers include the world's largest multinational companies and China's largest state-owned entities.
CIT has nearly $650 million of assets in China. Its vendor finance division has more than $13 billion of assets. Vendor relationships include Avaya, Dell, Snap-on, and Toshiba. The Chinese joint venture was established in 1998.
