CIT is an established name in the asset-based lending industry, but that hasn’t stopped it from continuing to evolve and innovate. In 2020 alone, the bank expanded its ABL division, hired a new ABL team leader and continued to close deals with its CIT Northbridge Credit joint venture, setting itself up for continued success in the marketplace.
CIT Group’s sponsor finance business, part of the commercial finance division, served as joint lead arranger and joint bookrunner for a $70 million facility for Estyle Holdings, the Florida-based maker of Eco Style hair gel and other beauty and personal care products.
For middle-market and small businesses, the COVID-19 pandemic is highlighting the vital importance of investing in new technology, facilitating remote work and maintaining tech-savvy workforces, according to a new survey conducted by The Harris Poll for CIT.
CIT Group named Chris Esposito managing director in charge of its newly expanded asset-based lending business. Esposito will be responsible for managing the asset-based lending team and overseeing the national ABL business.
CIT Group‘s asset-based lending team served as administrative agent for a new $185 million senior secured, asset-based credit facility for Orscheln Farm and Home, a retailer of farm and home improvement supplies.
Emily Vaughan Alexanderson was tapped to lead a new banking group within Santander Bank’s Commercial Banking division that will focus on the needs of clients in the non-profit and educational industries, among others.
Santander Bank appointed David Harnisch head of portfolio management, underwriting and strategy in its commercial banking division. Harnisch joins from Citizens Financial where he held a similar position.