CIT Opens Shanghai Office to Support Growing Global Vendor Finance Franchise

Thursday September 20 12:30 PM

CIT Group Inc. (NYSE: CIT), a leading global provider of commercial and consumer finance, today opened its Shanghai Shared Services Center. The service center will support CIT Vendor Finance's customers throughout the Asia Pacific region and demonstrates CIT's commitment to growing its international franchise.

"This opening is a strategic milestone in our international growth strategy," said Thomas B. Hallman, Vice Chairman of CIT. "We believe the consolidation of our servicing and financing capabilities through our Shanghai operations will improve efficiencies and drive increased growth in the region. As we grow our global business we will continue to invest to meet the growing demand for CIT's financing and servicing capabilities throughout the Asia Pacific region."

The Shanghai facility will service CIT's customers throughout Asia including China, Taiwan, Hong Kong, Korea, Malaysia and Singapore. It serves as the hub of CIT's growing Vendor Finance business in Asia, which provides companies such as Ingersoll Rand, Heidelberg, and Dell with finance options for their customers. CIT established its first office in China in 1998 with ten employees and has since grown to more than 150. CIT's growth in Asia is directly correlated to the increase in the Company's customer base which has grown from a servicing approximately 30 customers in 1998 to more than 4,000 in 2007.

Siming Li, Managing Director, CIT Vendor Finance, Asia Pacific, said, "The opening of this office represents our commitment to providing efficient and high quality service to our local clients as we seek to become the premier vendor financing partner of companies in China."

The new offices will be officially opened on September 20, 2007 by Thomas B. Hallman, Vice Chairman of CIT; Terry Kelleher, President CIT Global Vendor Finance; Siming Li, Managing Director, CIT Vendor Finance, Asia Pacific; as well as other senior management and CIT Vendor Finance customers.

During the ceremony Mr. Hallman will announce a RMB 330,000 (~ $43,000 US) donation to Project Hope to help build a three-story primary school located in Shishan town, Wuding county, Yunnan province. The new school will include classrooms, a science lab and library and offer an improved environment for more than 200 local children to learn.

Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com

About CIT Vendor Finance

CIT Vendor Finance is a global leader in financing solutions that drive incremental revenues for manufacturers, distributors and other intermediaries. It provides customized financing solutions to customers in more than 30 countries, supporting a wide variety of industries, including health care, industrial equipment and technology.

About CIT

CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has approximately $80 billion in managed assets and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in cash flow lending, vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has approximately 7,300 employees in locations throughout North America, Europe, Latin America and Asia Pacific. www.cit.com

About Project Hope

Project Hope is a public welfare undertaking, initiated and organized by the China Youth Development Foundation (CYDF) that enlists extensive support to assist dropout students and those at risk of dropping out to continue schooling in China's rural, poverty-stricken areas. In addition to funding these students' studies and building schools, the CYDF has also sought to improve the educational conditions in these rural areas (including teacher training) and strengthen the government's efforts in implementing a nine-year compulsory education law. Commonly acknowledged as China's most influential public welfare campaign in the 20th century, Project Hope has attracted enthusiastic participation from Chinese audiences of all ages as well as from those overseas. http://www.cydf.org.cn/gb/english/index.htm

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