PR Newswire | Oct 14, 2021 09:02AM EDT

10/14 08:00 CDT

CIT Serves as Sole Lead Arranger on $26.5 Million Maritime Financing NEW YORK, Oct. 14, 2021

NEW YORK, Oct. 14, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on $26.5 million in senior secured financing on behalf of Queen Esther Shipping Limited.

The loan is secured by the Queen Esther, a modern container ship operated by a joint venture led by Lomar Corporation Limited, a longtime CIT client.

"We are pleased to arrange this financing for Queen Esther Shipping and extend our long-standing relationship with Lomar Corporation as it continues to build its investments in maritime container shipping to serve growing market demand," said Evan Cohen, managing director and group head for CIT's Maritime Finance business.

CIT's Maritime Finance business, part of its Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators.

About CITCIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

MEDIA RELATIONS:John M. Moran212-461-5507john.moran@cit.com

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SOURCE CIT Group Inc.