CIT Names Nancy J. Foster Chief Credit & Risk Officer

NEW YORK, Jan. 31 /PRNewswire-FirstCall/ -- CIT Group Inc. a leading global provider of commercial and consumer finance solutions, today announced the appointment of Nancy J. Foster as Executive Vice President and Chief Credit & Risk Officer. She serves as a member of the Executive Credit Committee and is responsible for driving strategic Corporate Credit/Risk Management initiatives across CIT. She reports directly to Lawrence A. Marsiello, Vice Chairman and Chief Lending Officer.

(Photo: http://www.newscom.com/cgi-bin/prnh/20070131/NYW015 )

Foster has responsibility for credit oversight for several key areas including Credit Audit, Asset Management, Asset Recovery and Workouts, Risk-Based Pricing, Credit Training, Mergers and Acquisitions, and the Credit & Risk Management processes.

"Credit remains at the heart of what we do and Nancy's experience in portfolio and credit management will further enhance our risk management sophistication," said Lawrence A. Marsiello, Vice Chairman and Chief Lending Officer. "Our portfolio level analytics, advanced risk management model and efforts to drive risk-based pricing to the transaction level are paramount to our success. These initiatives, coupled with Nancy's expertise, further strengthen our credit and risk capabilities and I look forward to working with her in the future."

Prior to CIT, Foster was Group Senior Vice President at LaSalle Bank Corporation. In this role, she led a team of 40 professionals, oversaw five commercial banking industry sectors, and created a new business model for the division. She began her career at LaSalle in 1983 and has held roles of increasing responsibility. During her tenure she provided solutions in a full spectrum of retail and commercial banking areas including portfolio management, credit policy, risk rating methodology, loan operations and compliance. Foster earned her BA/BS from Illinois State University and her MBA from the University of Chicago.

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 cash flow lending, 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