CIT Opens Singapore Office to Support Expansion of Global Aerospace Business

NEW YORK and SINGAPORE, May 9 /PRNewswire-FirstCall/ -- CIT Group Inc. , a leading global provider of commercial and consumer finance solutions, announced today the opening of its Singapore office to support the expansion of it global aerospace business. The new office, located at 30 Raffles Place #18-02 in the Chevron House, will enhance CIT's presence in Asia and serve as a cornerstone for sales and client development in the region.

"Over the next 20 years, Asia Pacific is expected to surpass the U.S. market in passenger air travel, and as such, is a key component of our global expansion initiative," said C. Jeffrey Knittel, President of CIT Aerospace. "We are pleased to establish a presence in Singapore which will further deepen our relationships in Asia and allow us to better serve our clients throughout the region."

CIT Aerospace first entered the Asia Pacific market in the mid-1990s, and the region now holds approximately 25% of CIT's aircraft portfolio.

About CIT Aerospace

CIT Aerospace, a unit of CIT, provides financing solutions to a broad spectrum of the global aerospace value chain, ranging from operators of commercial and business aircraft to manufacturers and suppliers in the aerospace and defense industries as well as financial institutions. CIT Aerospace manages a fleet of more than 300 aircraft leased and financed to more than 100 airlines around the world.

About CIT

CIT Group Inc. , a leading global commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has approximately $80 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 approximately 7,500 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 Volker Fabian Vice President Marketing CIT Aerospace Asia Pte. Ltd. +65-6372-6886 Volker.Fabian@cit.com INVESTOR RELATIONS: Steve Klimas Vice President (973) 535-3769