CIT Appoints Joseph F. Nemia President of CIT Commercial & Industrial

NEW YORK, Feb. 26 /PRNewswire-FirstCall/ -- CIT Group Inc. a leading global provider of commercial and consumer finance solutions, today announced the appointment of Joseph F. Nemia (47) as President of CIT Commercial & Industrial, a unit of CIT Corporate Finance. This business unit will provide financing products and services directly to U.S. middle market companies in the retail, food, agriculture, business services and manufacturing sectors among others. CIT Commercial & Industrial will also work closely with leading private equity firms, investment banks, hedge funds and advisory firms in meeting the financing needs of companies in these sectors.

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Walter J. Owens, President of CIT Corporate Finance, said, "Joe's experience and success as Chief Sales Officer of CIT Commercial Finance has prepared him well for this new role. The creation of CIT Commercial & Industrial is another important step in executing our 'client centric, market focused' strategy that delivers deep industry knowledge and financial products expertise to our most valued customer relationships."

Prior to his appointment, Nemia served as Executive Vice President and Chief Sales Officer of CIT Commercial Finance. Before joining CIT in March 2006, he was a Senior Managing Director of GE Commercial Finance. Prior to GE, he held numerous leadership positions at The Bank of New York. He currently serves as Chairman of the Commercial Finance Association (CFA), an industry leading organization of banks, finance companies and other financial institutions. He is also a Trustee of National Jewish Hospital in Denver, CO.

About CIT

CIT Group Inc. , a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has more than $74 billion in managed assets and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has more than 7,300 employees in locations throughout North America, Europe, Latin America, and Asia Pacific. http://www.cit.com/.

MEDIA RELATIONS: C. Curtis Ritter Director of External Communications & Media Relations (212) 461-7711 Curt.Ritter@CIT.com Mary Flynn Director of Media Relations (212) 461-7860 Mary.Flynn@CIT.com INVESTOR RELATIONS: Steve Klimas Vice President (973) 535-3769 Steve.Klimas@CIT.com