CIT Group, the global commercial finance company, has announced
the appointment of Sanjay Kumar as managing director and head of
capital markets for CIT Vendor Finance.
Kumar will be responsible for all capital market activities
including syndications, oversight of transaction execution and
negotiation of major transactions.
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Managed assets in the vendor finance division were down from the
same period June 2007, from $16.6bn to $15.5bn. The sale of equity
interest in the US Dell vendor relationship in late 2007, lower
securitisation gains, impairment charges, combined with reduced
receivable sale and syndication fees have all been blamed for the
drop.
To this end: “Kumar will be focusing on funding initiatives
within the business as we continue to focus on serving our
customers, maintaining operational excellence and enhancing returns
to our stakeholders,” said Kris Snow, president and co-head of CIT
Vendor Finance.
Kumar joined CIT in 1998 and most recently was SVP in Global
Vendor Finance’s Global Major Relationship (GMR) Group.
Prior to joining CIT, he spent several years in KPMG’s Assurance
Practice and Ernst & Young’s M&A Advisory Services
Group.
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By GlobalDataCormac Costelloe, CIT’s head of European vendor finance, will
report directly to Kumar.
