CIT Bank, the banking subsidiary of CIT Group, entered a strategic partnership with Allstate. The joint venture, CIT Northbridge Credit, will provide revolving and term-loan commitments from $15 million to $100 million to middle-market companies across various industries and business cycles.
CIT Northbridge will be a trusted financial partner for middle-market companies, delivering a broad range of flexible asset-based debt solutions beyond those typically provided by traditional banks.
CIT Asset Management will serve as investment advisor to the joint venture.
“We are pleased to enter into this strategic relationship with Allstate and to announce the formation of this joint venture,” said Jim Hudak, president of CIT Commercial Finance. “CIT Northbridge further advances our efforts to grow our commercial lending franchise by leveraging CIT’s extensive experience in financing, leasing and advisory services, and Allstate’s investment expertise and capital.”
Russ Mayerfeld, Allstate senior managing director, Alternative Investments added, “This joint venture reflects our shared vision of building a unique credit platform with attractive risk-adjusted returns. We continue to expand our alternative investment portfolio by building on our years of experience and partnering with talented organizations like CIT.”
Deutsche Bank served as financial advisor to CIT.
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