Cit Group (CIT) announced that it has entered into definitive purchase deal to buy the U.S. Business Technology Finance unit of Citigroup Inc. (C). The company expects the deal to complete in the second quarter. The company also noted that the total assets of the vendor finance business to be purchased are about $2 billion.The company stated that this is its second vendor finance transaction with Citi. The company further noted that in 2004, it purchased CitiCapital's vendor finance business in Western Europe. The company's European presence was further strengthened three months ago when it purchased the $2 billion UK and German vendor finance business of Barclays Bank PLC.Thomas Hallman, CIT Vice Chairman, Specialty Finance, said, "This acquisition is another important milestone in our strategy to become the global leader in Vendor Financing. A combination of strong organic growth and strategic acquisitions of high-quality organizations has positioned us well to accomplish this goal. The first priority of our newly combined team will be the delivery of exceptional levels of support to our customers."
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.