Transaction|April 30, 2010
CIBC completes acquisition of CIT Business Credit Canada
Torys acted as counsel to CIBC with a team that included Cameron Koziskie, Andrew Prodanyk, Vanessa Kee and Jamie Scarlett.
On April 30, 2010, CIBC (CM: TSX; NYSE) announced that it has acquired CIT Financial Ltd.'s (CIT Canada) interest in CIT Business Credit Canada Inc. (CIT Business Credit) to own 100% of CIT Business Credit, which has been re-named CIBC Asset-Based Lending Inc. Financial terms were not disclosed.
CIT Business Credit was established in 2000 as a joint venture between CIBC and CIT Canada, a wholly-owned subsidiary of CIT Group Inc.
CIBC is a Canadian-based global financial institution.
Further information is found on Canada Newswire's website.