CIT To Sell Hong Kong Consumer Business to Hong Kong Chinese Bank.Business Editors LIVINGSTON, N.J.--(BUSINESS WIRE)--April 25, 2000 The CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group, Inc. (NYSE NYSE See: New York Stock Exchange : CIT; TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CIT.U) today announced that it has signed a stock purchase agreement to sell its Hong Kong-based consumer loan business, Newcourt Credit Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. Ltd., to a subsidiary of Hong Kong Chinese Bank. The transaction, subject to customary regulatory approval, is scheduled to close in the second quarter. "This sale is part of our ongoing initiative to shed non-strategic assets so we can invest in achieving improved returns in our core businesses," said Albert R. Gamper, Jr., CIT Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . CIT acquired Newcourt Credit Hong Kong Ltd. when it acquired Newcourt Credit Group Inc. in November 1999. CIT, with more than $50 billion in managed assets, is one of the world's largest publicly owned commercial and consumer financing companies. For more information, access the Company's Web Site at www.cit.com. |
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