CIT Names Managing Director to Lead Asset-Based Lending Unit

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) has appointed Chris Esposito as managing director of its expanded Asset-Based Lending (ABL) business. Esposito will oversee the national ABL team, focusing on client relations and market strategies. David Harnisch, president of Commercial Finance, emphasized the company's strong reputation and plans to leverage its increased capabilities following the acquisition of Mutual of Omaha Bank. The ABL division provides innovative financing solutions, improving operational efficiency through collateral management.

Positive

• Appointment of Chris Esposito as managing director of Asset-Based Lending.
• Expansion of Asset-Based Lending business following Mutual of Omaha Bank acquisition.
• Enhanced capability to provide innovative financing solutions.

Negative

• None.

NEW YORK, July 9, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that it has named Chris Esposito as managing director in charge of its newly expanded Asset-Based Lending business.

In this role, Esposito is responsible for managing the Asset-Based Lending team, overseeing the national ABL business, building new client relationships, developing strategies to address new target markets and ensuring outstanding customer service and satisfaction.

"At CIT, we are proud of our long-standing heritage as a premier asset-based lender," said David Harnisch, president of CIT's Commercial Finance and Real Estate divisions. "Over the years, we have developed an unmatched reputation for leadership in providing asset-based financing solutions that offer increased flexibility and lower funding costs to meet the needs of clients in diverse industries. Following the acquisition of Mutual of Omaha Bank and the expansion of our middle market business earlier in the year, we look forward to providing our asset-based expertise to clients and prospects in these markets."

"I am pleased to welcome Chris to the important role of leading our Asset-Based Lending business, which along with our Commercial Services and Supply Chain Finance businesses provides clients with asset-based working capital and other financial solutions," said Marc Heller, president of CIT's Commercial Services business. "Chris is an experienced finance executive with a strong track record of achievement at CIT and we look forward to his continued contributions as we grow this important area of our business."

Esposito will lead a team of asset-based origination bankers, including industry veteran James Conheeney, supported by experienced execution co-heads, Robert Klein and Anthony Masci. Matthew Lesser and Steve DiGiovanna will also join the ABL team to support the growth of the business.

Asset-Based Lending meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

MEDIA RELATIONS: 
John M. Moran
212-461-5507
john.moran@cit.com

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SOURCE CIT Group Inc.

FAQ

What is the recent leadership change at CIT Group?

CIT Group announced the appointment of Chris Esposito as managing director of its Asset-Based Lending business.

How will Chris Esposito impact CIT's Asset-Based Lending?

Esposito will lead the team to enhance client relationships and develop strategies for new markets.

What are CIT Group's recent expansions?

CIT expanded its Asset-Based Lending services following the acquisition of Mutual of Omaha Bank earlier in the year.

What is the focus of CIT's Asset-Based Lending division?

The division focuses on providing working capital through innovative financing solutions.

When was Chris Esposito appointed as managing director at CIT?

Chris Esposito was appointed on July 9, 2020.