NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that John F. Daly will retire as President of CIT Trade Finance effective June 29, 2012.
“John’s leadership and invaluable contributions over the years have maintained CIT’s position as a leading provider of factoring in the United States,” said John Thain, Chairman and Chief Executive Officer of CIT. “Drawing on nearly four decades of experience in factoring, credit administration and secured lending, John has worked tirelessly with manufacturers, wholesalers, importers and their retail customers throughout his career and has established himself as the “Dean of Factoring.” I wish John the very best in his upcoming retirement and thank him for his years of committed service to CIT and our clients.”
Daly has served as President of CIT Trade Finance since 1999. Prior to this, he was Executive Vice President and Senior Credit Officer of CIT Trade Finance and served in various other senior management positions since joining CIT in 1987. Daly began his factoring career in 1973 with Manufacturers Hanover Commercial Corporation, one of several predecessor companies to CIT.
About CIT Trade Finance
CIT Trade Finance is a leading provider of factoring services in the United States for companies that sell into retail channels of distribution. It provides credit protection, accounts receivable management and asset-based lending to manufacturers and importers.cit.com/TradeFinance
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals. cit.com
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