CIT Group announced that it has reached a definitive agreement to sell its Canadian equipment finance and corporate finance businesses (“CIT Canada”), with more than US $700 million in assets, to Laurentian Bank of Canada. In addition, approximately 140 employees of CIT Canada will join the Laurentian Bank team.

“This transaction represents another milestone for us as we continue to exit our international businesses and focus on growing our core commercial franchises,” said Ellen R. Alemany, Chairwoman and Chief Executive Officer. “We remain focused on our strategy to become a national middle market bank and serve our customers with an integrated set of financing and deposit products.”

The transaction is expected to close in the fourth quarter of 2016, subject to customary closing conditions, including all applicable regulatory notifications and approvals. CIT Canada and Laurentian Bank of Canada will continue to operate separately until the closing of the transaction.

Credit Suisse Securities (USA) LLC served as exclusive financial advisor to CIT Group for this transaction.