CIT Group named Chris Esposito managing director in charge of its newly expanded asset-based lending business. In this role, Esposito will be responsible for managing the asset-based lending team, overseeing the national ABL business, building new client relationships and developing strategies to address new target markets.
“At CIT, we are proud of our long-standing heritage as a premier asset-based lender,” David Harnisch, president of CIT’s commercial finance and real estate divisions, said. “Over the years, we have developed an unmatched reputation for leadership in providing asset-based financing solutions that offer increased flexibility and lower funding costs to meet the needs of clients in diverse industries. Following the acquisition of Mutual of Omaha Bank and the expansion of our middle market business earlier in the year, we look forward to providing our asset-based expertise to clients and prospects in these markets.”
“I am pleased to welcome Chris to the important role of leading our asset-based lending business, which along with our commercial services and supply chain finance businesses provides clients with asset-based working capital and other financial solutions,” Marc Heller, president of CIT’s commercial services business, said. “Chris is an experienced finance executive with a strong track record of achievement at CIT and we look forward to his continued contributions as we grow this important area of our business.”
Esposito will lead a team of asset-based origination bankers, including industry veteran James Conheeney, supported by execution co-heads Robert Klein and Anthony Masci. Matthew Lesser and Steve DiGiovanna will also join the ABL team to support the growth of the business.