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In the Marketplace

BY ALM Staff
August 31, 2011

CIT Group, Inc. of New York has named Nelson J. Chai as the company's president. He previously served as executive vice president, chief administrative officer and head of strategy. In his new role, Chai will maintain his current responsibilities while also assuming oversight of CIT's Corporate Finance and Vendor Finance operating segments. He will continue to oversee CIT's global infrastructure and operating architecture, including its technology platforms. He will also continue to lead the company's strategic planning and business development, as well as oversee the insurance and corporate services functions. Chai will continue to report directly to chairman and chief executive officer John A. Thain.

GE Capital has acquired the UK accounts receivable financing subsidiary of Eurofactor S.A. (part of Credit Agricole Leasing and Factoring) for an undisclosed amount. The acquisition will build GE Capital's UK commercial and corporate lending business, and the company's strategic focus on providing financial solutions to the UK's SME community. Credit Agricole Commercial Finance UK, formerly known as Eurofactor (UK) Limited, is a provider of accounts receivable finance in the UK and provided approximately '3 billion of finance to UK companies in volume terms in 2010.

CIT Group, Inc. of New York has named Nelson J. Chai as the company's president. He previously served as executive vice president, chief administrative officer and head of strategy. In his new role, Chai will maintain his current responsibilities while also assuming oversight of CIT's Corporate Finance and Vendor Finance operating segments. He will continue to oversee CIT's global infrastructure and operating architecture, including its technology platforms. He will also continue to lead the company's strategic planning and business development, as well as oversee the insurance and corporate services functions. Chai will continue to report directly to chairman and chief executive officer John A. Thain.

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