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CIT Develops Custom Financing Tool for EMC
PoWer Leasing2 Will Offer EMC Channel Partners Flexible Financing Solutions
Wednesday, July 27, 2011 08:30 AM
The launch of PoWer Leasing2 reflects our efforts to grow our vendor finance franchise in Latin America

LIVINGSTON, N.J. & SAO PAULO--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, and EMC, a leading provider of storage hardware solutions that promote data recovery and improve cloud computing, have launched PoWer Leasing2, a tailored financing program for channel partners of EMC in Brazil.

“The launch of PoWer Leasing2 reflects our efforts to grow our vendor finance franchise in Latin America,” said Juan Manuel Ballesteros, Vice President of CIT Vendor Finance, Latin America. “This program will further strengthen our close relationship with EMC and we look forward to ultimately expanding this program throughout Latin America."

Developed by CIT Vendor Finance in conjunction with EMC GFS group, PoWer Leasing2 will provide EMC’s channel partners the ability to offer financing solutions to their clients that accompany the EMC solution they are selling. The program will provide an “at your fingertips” tool that generates quotes, shows the required documentation and includes guides to providing financing to its customers.

Sonia Barroso, Funding Manager for Latin America of EMC, said, “We are delighted to have entered into this program with CIT, one of our funding partners in Brazil to provide our channel partners the tools they need to give their customers access to financing.”

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About EMC

EMC Corporation (NYSE: EMC) is the world's leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information. Information about EMC's products and services can be found at www.EMC.com

About CIT Vendor Finance

CIT Vendor Finance is a global leader in developing business solutions for manufacturers, distributors and product resellers and financial solutions for their customers. CIT maintains relationships and develops financing programs with leading manufacturing companies that can enable increased sales while providing equipment financing and value added services from invoicing to asset disposition to small and middle market businesses across all industries that facilitate the purchase of equipment according to their needs. www.cit.com/vendorfinance

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million 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. www.cit.com

 

Contact:

CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com