NEW YORK, July 19, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced it is creating a new Logistics Finance unit within its Capital Equipment Finance business to deliver expanded leasing and financing solutions to all stages of the supply chain. The logistics equipment category broadly includes agriculture, manufacturing, production, packaging, assembly, materials handling, warehousing, support assets and transportation.
Ken Fosina, former executive vice president of ATEL Leasing Corporation and 25-year industry veteran, is joining CIT to lead this new platform. In this role, Fosina will be building a team to help CIT customers optimize logistics execution.
"This initiative accelerates our efforts to increase CIT's business in these attractive and growing equipment markets," said Eric Miller, group head and managing director of Capital Equipment Finance, part of CIT's Business Capital division.
"Our Logistics Finance customers will benefit from CIT's deep industry knowledge, as well as Ken's significant experience and extensive relationships in this market," Miller added.
In his position at ATEL Leasing Corporation, Fosina was responsible for all sales, business development and capital markets activities, as well as marketing, operations and administrative functions within the department. Prior to ATEL, Fosina was managing director of FFC Consulting, where he served as lessee advisor to several Fortune 100 clients, managed captive finance programs and facilitated capital raise for early-stage companies.
Capital Equipment Finance is a leading provider of equipment financing solutions. Working directly with middle market and large cap businesses, the unit specializes in providing equipment loans and leases with flexible terms and rates tailored to the equipment needs and credit strength of the borrower.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of March 31, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
SOURCE CIT Group Inc.