November 21, 2007 / 5:16 PM / 11 years ago

CIT Group to sell Systems Leasing business to Macquarie Group

Nov 21 (Reuters) - Commercial finance company CIT Group Inc (CIT.N) said it would sell its U.S. Systems Leasing business unit, located in Bloomfield Hills, Michigan, to Macquarie Group Ltd (MQG.AX), Australia’s top investment bank.

CIT Systems Leasing had about $700 million in assets and 180 employees as of Sept. 30, the company said in a filing with the U.S. Securities and Exchange Commission.

Terms of the transaction, which is expected to close in 2007, were not disclosed. (Reporting by Shamik Paul in Bangalore; Editing by Deepak Kannan)

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