CIT and CIBC Form a Joint Venture to Offer Asset-Based Lending to the Canadian Market.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 3, 2001

CIT Business Credit, a division of CIT (NYSE: CIT; TSE: CIT.U), and Toronto-based Canadian Imperial Bank of Commerce (TSE: CM, NYSE: BCM) today announced a joint venture to offer asset-based lending to the Canadian market. Terms of the agreement were not disclosed. CIT Business Credit is part of CIT Commercial Finance, an operating group of CIT.

The new venture, co-owned by CIT and CIBC, will be called CIT Business Credit Canada, Inc. and will be headquartered in Toronto, Canada. The president of the new company will be Dennis McCluskey, a senior executive with extensive experience in CIBC's commercial banking group. "Dennis has the ideal mix of client advocacy and risk management to make this venture a success for clients as well as CIT and CIBC," said James McSherry, executive vice president and head of CIBC Commercial Banking.

"This joint venture presents CIT Business Credit with an immense opportunity to solidify our position as a leading asset-based lender in the North American market," said Lawrence Marsiello, CEO of Commercial Finance. "The new company will draw upon CIT's depth and breadth of lending experience in the United States and extend it into Canada. CIT Business Credit is a relationship lender that specializes in customized financing packages. We believe that we can leverage CIT's asset-based lending expertise with CIBC's Canadian distribution network to provide working capital for a wide variety of middle market companies in Canada."

"CIBC has a history of partnering with third parties that can add value to our clients," said Mr. McSherry. "CIT Business Credit Canada's expertise broadens both our financing capability and our potential market."

About CIBC

One of North America's largest financial institutions, CIBC has eight million personal banking and business customers and a highly successful North American-based investment bank called CIBC World Markets. To find other news releases and information about CIBC, visit the bank's Media Centre at www.cibc.com.

About CIT

CIT Business Credit is one of America's leading providers of asset-based financing to middle market companies. It provides secured lines of credit which are structured as revolving and term loans and are primarily used in refinancing, acquisitions, debtor-in-possession, confirmation, and turnaround financing. It is part of CIT Commercial Finance, one of six operating groups of CIT.

CIT is a leading diversified finance company offering vendor, equipment, commercial, factoring, consumer and structured financing capabilities. CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim. CIT has been in business since 1908 and is recognized as a leader in many of the markets it serves. For more information visit www.cit.com.