CIT Group, which operates a number of global leasing divisions, has opened shipping finance business CIT Maritime Finance which will originate and underwrite finance for ocean vessels.
Svein Engh has been appointed managing director and group head of the business, having previously served as chief executive officer of shipping firm Octavian Maritime Holdings and as managing director at BNP Paribas Fortis where he was responsible for building the firm’s US maritime portfolio.
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CIT Maritime Finance will operate as part of the group’s Transportation Finance division and will offer loans, sale-leasebacks and bareboat charters to owners and operators of oceangoing cargo ships, offshore vessels and drilling rigs.
C. Jeffrey Knittel, president of CIT Transportation Finance, said "The launch of CIT Maritime Finance demonstrates our efforts to increase the financing options offered through CIT Transportation Finance.
"There is strong demand for financing in the global marine sector and the deep industry relationships and expertise of our new team, led by Svein, will enable us to capitalise on these opportunities."
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