CIT Increases Financing to Globus Maritime Limited by $18 Million

Rhea-AI Summary

CIT, part of First Citizens Bank, has increased its financing to Globus Maritime Limited by $18 million, bringing the total financing to $52.25 million. This financing is secured by seven dry-bulk shipping vessels, indicating strong support for Globus Maritime's growth in the shipping industry. Athanasios Feidakis, CEO of Globus Maritime, acknowledged CIT's expertise in this expanded financing deal.

Positive

• Increased financing to Globus Maritime Limited by $18 million.
• Total financing now stands at $52.25 million, supporting growth in dry-bulk shipping.
• Secured by seven dry-bulk shipping vessels, enhancing asset-backed financing.

Negative

• None.

NEW YORK, Aug. 25, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Maritime Finance business has increased its financing for Globus Maritime Limited by $18 million.

The lending increase expands CIT's relationship with Globus Maritime and raises CIT's total financing to the client to $52.25 million, which is secured by seven dry-bulk shipping vessels.

"We appreciated CIT's expertise and agility in arranging this expanded financing to support the growth of our dry-bulk shipping portfolio," said Athanasios Feidakis, president and chief executive officer at Globus Maritime.

"Globus Maritime is a top-level shipping operator known throughout the industry," said Evan Cohen, managing director and group head for CIT's Maritime Finance business. "We're pleased by this opportunity to increase their financing and continue our support for their operations."

Maritime Finance, part of CIT's Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators.

About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

MEDIA RELATIONS:
Lexa Tutela
212-461-5305
Lexa.Tutela@firstcitizens.com 

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What significant financial action did CIT announce for FCNCA on August 25, 2022?

CIT announced an $18 million increase in financing to Globus Maritime Limited, raising the total to $52.25 million.

How is the financing for Globus Maritime Limited secured?

The financing is secured by seven dry-bulk shipping vessels.

What is the role of CIT in the financing of Globus Maritime Limited?

CIT provides customized financing solutions through its Maritime Finance business.

Who acknowledged CIT's support in the financing deal?

Athanasios Feidakis, the CEO of Globus Maritime, acknowledged CIT's expertise and support.