CIT Group Inc. has expanded its factoring relationship with LF USA Inc. to include Wear Me Apparel, which is expected to provide $700 million in additional annual factored volume for CIT’s trade finance unit.
The new account is the largest announced transaction for the factoring division since CIT Group filed for Chapter 11 bankruptcy court protection on Nov. 1 in the form of a prepackaged petition. The financial services firm exited bankruptcy court proceedings on Dec. 10. The factoring arm, which does about $4 billion in annual volume, is one of the firm’s more profitable operations.
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