NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) a global leader in transportation finance, today launched CIT Maritime Finance, which will originate and underwrite blue water vessel financing. In connection with this announcement, Svein Engh was appointed Managing Director and Group Head of the business and will report to C. Jeffrey Knittel, President, CIT Transportation Finance.
CIT Maritime Finance will offer senior secured loans, sale-leasebacks, and bareboat charters to owners and operators of oceangoing cargo vessels including tankers, bulkers, container ships, car carriers, as well as offshore vessels and drilling rigs. It will offer financing solutions that will help add value and drive business for our customers.
“The launch of CIT Maritime Finance demonstrates our efforts to increase the financing options offered through CIT Transportation Finance,” said C. Jeffrey Knittel, President of CIT Transportation Finance. “There is strong demand for financing in the global marine sector and the deep industry relationships and expertise of our new team, led by Svein, will enable us to capitalize on these opportunities.”
Prior to his appointment, Engh served as Chief Executive Officer of Octavian Maritime Holdings, Inc., where he built a new shipping company with sponsorship from Octavian Advisors, LP, a New York-based investment fund. Before joining Octavian, he was Managing Director, BNP Paribas Fortis where he was responsible for building the maritime portfolio in the North American market. He has also held executive positions with Christiania Bank in New York, Singapore, and Oslo. Engh earned a BBA and MBA from Ohio University.
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Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its 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 savings options designed to help customers achieve a range of financial goals. cit.com