In an effort to expand its leasing and financing solutions to all stages of the supply chain, CIT Group Inc. said July 19 it is creating a Logistics Finance unit within its existing Capital Finance Business division.
CIT said it will allow the company to expand its leasing and financing solutions to all segments of the supply chain, including agriculture, manufacturing, production, packaging, assembly, materials handling, warehousing, support assets and transportation.
CIT also announced that Ken Fosina, former executive vice president of Atel Leasing Corp., will lead the new division and is forming a management team. Fosina was responsible for sales, business development and capital market activities at Atel.
“This initiative accelerates our efforts to increase CIT’s business in these attractive and growing equipment markets,” said Eric Miller, managing director in CIT’s Business Capital division.
With offices in New York City and Livingston, N.J., CIT works directly with midsize and large businesses to provide equipment financing solutions.