CIT Group Inc. (NYSE: CIT), a leading global provider of
commercial and consumer finance solutions, today announced the
expansion of its European Vendor Finance headquarters in Blackrock,
Dublin. This expansion of CIT's existing Blackrock facility is driven
by the growth of the company's Vendor Finance business across Europe,
and represents a key part of the strategy for CIT's global Vendor
Finance business.
Jeffrey M. Peek, Chairman and Chief Executive Officer of CIT,
said, "Our investment in Dublin is central to our European expansion
plans, and instrumental to our international growth strategy. The
international arm of CIT's Aerospace business is also located in
Dublin and, together with our European Vendor Finance operation; we
now have in excess of EUR 6.5 billion of assets serviced in Ireland.
Earlier this year we set a goal to increase our international assets
to 25%; I am pleased to report we are on target to accomplish this in
large measure due to the success of our European business."
CIT's Blackrock facility serves as the hub of the Company's
growing Vendor Finance business in Europe, which provides companies
such as Dell, Microsoft and Avaya with finance options for their
customers. The Dublin hub first opened in 1999 with seven employees
and has since grown to more than 450. This growth is directly
correlated to the increase in the Company's customer base which has
grown from 12,000 in 1999 to 200,000.
Cormac Costelloe, Managing Director CIT Vendor Finance Europe,
said, "Our Dublin hub is vitally important to our European Vendor
Finance business. Working from a single location, and on a single
platform, we are able to deliver a highly consistent level of support
to our vendors and customers across all of the 18 geographies that we
serve. The ability of our employees to consistently deliver excellent
customer service to our Vendor Finance customers has been key to
growing our European business."
The new offices will be officially opened by Mary Hanafin, T.D.,
Minister for Education and Science, at 5:00 PM on September 6, 2007.
The ceremony will be attended by: Jeffrey M. Peek, Chairman and CEO of
CIT, Thomas B. Hallman, Vice-Chairman CIT, Terry Kelleher, President
Vendor Finance Europe & Asia Pacific and Cormac Costelloe, Managing
Director Vendor Finance Europe; as well as other senior management and
CIT Vendor Finance customers.
During the ceremony Mr. Peek will announce a year long commitment
by CIT to Junior Achievement Ireland, part of a worldwide organisation
reaching out to seven million young people each year. CIT has an
on-going relationship with Junior Achievement, delivering support
programmes through employee volunteering. CIT's donation of EUR 25,000
will be used to fund Enterprise Challenge, a year long programme to
specifically target 100 young people from the Dun Laoghaire area who
need it most. This project will immerse individuals in a dynamic and
innovative enterprise programme, delivered by CIT employees, that will
help them set realistic goals and encourage them to realise their full
potential.
Individuals interested in receiving future updates on CIT via
e-mail can register at http://newsalerts.cit.com
About CIT
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer
finance company, provides clients with financing and leasing products
and advisory services. Founded in 1908, CIT has approximately USD 80
billion in managed assets and possesses the financial resources,
industry expertise and product knowledge to serve the needs of clients
across approximately 30 industries worldwide. CIT, a Fortune 500
company and a member of the S&P 500 Index, holds leading positions in
cash flow lending, vendor financing, factoring, equipment and
transportation financing, Small Business Administration loans, and
asset-based lending. With its global headquarters in New York City,
CIT has approximately 7,300 employees in locations throughout North
America, Europe, Latin America and Asia Pacific. www.cit.com
Notes to editors
Photography will be distributed following the opening ceremony on
September 6, 2007.
