Daily News: August 7, 2014

Thain: CIT Has No Plans to Become ‘Serial Acquirer’

Bloomberg reported that CIT Group, the business lender that last month agreed to buy OneWest Bank, has no plans to become a “serial acquirer,” of financial firms, chief executive officer John Thain said.

In an interview on Bloomberg Television, Thain is quoted by Bloomberg as saying, “The key is being big enough so that you can support all of the costs of regulation,” At the same time, “There should be more consolidation in the industry,” Thain said, according to Bloomberg.

Bloomberg notes that the $3.4 billion deal to acquire OneWest is among the industry’s biggest since the financial crisis and, if approved by regulators, will create a bank with $67 billion in assets.

To read the entire Bloomberg article, click here.