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CIT Announces Strategic Initiatives Designed to Further Its Transition to a U.S. Commercial Bank

NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), a leading provider of commercial lending and leasing services, today announced a series of strategic initiatives that are designed to advance the Company’s transition to a U.S. Commercial Bank. The Company announced that it would explore strategic alternatives for its $10 billion Commercial Air business, and sell its CIT Canada and CIT China businesses.

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“Over the past five years we have made significant progress in transforming CIT,” said John A. Thain, Chairman and Chief Executive Officer. “Following the completion of our OneWest Bank acquisition, we have decided to explore the strategic alternatives for our Commercial Air business and to sell our non-transportation-related businesses in Canada and China. These strategic initiatives will position CIT for long-term success by further simplifying our bank-centric business model as we...