CIT Launches Maritime Finance Business

| November 14, 2012 | 0 Comments

NEW YORK–(BUSINESS WIRE)–

CIT
Group Inc
. (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.

Editor’s Note:

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About CIT

Founded in 1908, CIT (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

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