CIT Names Managing Director to Lead Supply Chain Finance Unit

NEW YORK, July 30, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that it has named Joerg Obermueller as the managing director of the Supply Chain Finance business within the company's Commercial Services division.

In his new role, Obermueller will be responsible for assembling a team, building new client relationships, developing strategies to address new target markets and ensuring outstanding customer service and satisfaction.

"We are pleased to welcome Joerg, an experienced supply chain finance executive, to CIT as we continue to build our capabilities to support customers and pursue new growth opportunities," said Marc Heller, president of Commercial Services, part of CIT's Business Capital division.

Obermueller joins CIT from Deutsche Bank AG New York, where he had been head of supply chain finance sales North America. Earlier in his career, he also worked in supply chain finance and factoring at Postbank, later acquired by Deutsche Bank.

CIT's Commercial Services business is one of the nation's leading providers of credit protection, accounts receivable management and lending services to consumer product companies, manufacturers, dealers, importers and resellers.

About CIT Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of June 30, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.

CIT MEDIA RELATIONS:                John M. Moran  212-461-5507  [email protected]

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SOURCE CIT Group Inc.