MONTREAL, Que. — CIT Group has announced the sale of its Canadian equipment finance and corporate finance businesses to Laurentian Bank of Canada.
The acquisition will affect about 140 employees, who will now work for Laurentian Bank of Canada.
“This transaction represents another milestone for us as we continue to exit our international businesses and focus on growing our core commercial franchises,” said Ellen R. Alemany, chairwoman and chief executive officer. “We remain focused on our strategy to become a national middle market bank and serve our customers with an integrated set of financing and deposit products.”
The acquisition is expected to close in the fourth quarter of this year. CIT Canada and Laurentian Bank will continue to operate as separate entities until the closing of the transaction.