Banking & Savings M&A » By The Online Investor Staff, updated Thu., Apr. 18, 6:15 PM
Recent mergers and acquisitions in the Banking & Savings M&A category.
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Slide #79. CIT Group Inc. — Nacco SAS
Acquirer:
CIT Group Inc. (CIT)
Acquiree:
Nacco SAS
Details:
CIT Group Inc. (NYSE:CIT), a global leader in transportation finance, today announced the acquisition of Paris-based Nacco SAS (Nacco), one of the largest independent full service railcar lessors in Europe. Nacco owns more than 9,500 railcars and services over 150 customers in 16 countries. Dan DiStefano, Senior Vice President and General Manager, Locomotives for CIT Rail, was appointed President of the company, which will market itself as Nacco, A CIT Company. Terms of the transaction were not disclosed.
CIT Group is a bank holding company and a financial holding company. Through its subsidiaries, Co. provides financing, leasing and advisory services principally to middle-market companies in a range of industries, primarily in North America. Co. also provides banking and related services to commercial and individual customers through its banking subsidiary, CIT Bank, N.A. Co. manages its business in two operating segments: Commercial Banking, which provides a range of lending, leasing and deposit products, as well as ancillary products; and Consumer Banking, which is comprised of two divisions: Consumer and Community Banking and Legacy Consumer Mortgages.
Preferred: CIT.PRB
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Avg. Broker Rec.
 
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Hold (2.50 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
Analysts' Target Price: CIT Stock Forecast Based on Zacks ABR data; powered by Xignite |
