CIT Trade Finance announced appointment of Richard Lyons as a senior vice president and business development officer. Previously, he was SVP at HSBC Bank.
CIT Trade Finance Southeast regional manager, Michael Hudgens says certain sectors of the furniture industry benefited during the recession and notes that pent-up demand is driving sales and the outlook for the sector is positive.
Launching Factoring University has increased awareness about accounts receivable factoring and raised the presence of CIT Trade Finance as an expert in the industry. However, Factoring University is just one of the initiatives developed by the group’s president Jon Lucas and his team to approach the business from a new angle.
In 2003, ABF Journal interviewed CIT’s John Daly as its first executive profile centered on the head of a factoring unit. Daly’s opening quote was, “Factoring is a great service for any company; it just doesn’t get the recognition it deserves.” That was eight years ago, and a great deal has happened since then.