Lenovo (HKSE: 992) (ADR: LNVGY) and CIT Group Inc. (NYSE: CIT), a leading financing provider, today signed a letter of intent to extend the Lenovo Financial Services program (LFS) within Europe. LFS is a program that will provide a broad range of vendor end user financing solutions for Lenovo's business partners and customers who utilize Lenovo's extensive range of technology products and services. The LFS program will initially launch in the United Kingdom on September 8, 2010, followed by France and Germany by the end of 2010 with additional countries in Western Europe in 2011.
"The expansion of the Lenovo Financial Services program in Europe will provide us with a greater opportunity to offer financial services alternatives to our customers, globally," said Rory Read, President and Chief Operating Officer, Lenovo. "This announcement demonstrates our commitment to providing our customers the best global vendor financing experience possible, and we believe that the Lenovo Financial Services Program will allow us to focus on financing programs tailored to meet the specific needs of our customers."
Ron Arrington, President of CIT Vendor Finance, said, "We are very excited to announce the expansion of our global relationship with Lenovo, one of the fastest growing PC companies in the industry. The expansion within Europe of LFS further demonstrates our position as a leading provider of vendor financing solutions and reinforces our commitment to the market. It reflects CIT's ability to provide commercial financing solutions for customers of the leading technology companies around the world."
The LFS program will offer leasing and financing options, as well as tools and online capabilities designed to make it simple for Lenovo partners and customers to finance their technology solutions. It will help Lenovo customers who want to maximize their purchase power by obtaining the technology they need today, protecting against technology obsolescence, and preserving their capital for other uses.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $40 billion in finance and leasing assets. It provides financing and leasing capital to more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. www.cit.com.
"The expansion of the Lenovo Financial Services program in Europe will provide us with a greater opportunity to offer financial services alternatives to our customers, globally," said Rory Read, President and Chief Operating Officer, Lenovo. "This announcement demonstrates our commitment to providing our customers the best global vendor financing experience possible, and we believe that the Lenovo Financial Services Program will allow us to focus on financing programs tailored to meet the specific needs of our customers."
Ron Arrington, President of CIT Vendor Finance, said, "We are very excited to announce the expansion of our global relationship with Lenovo, one of the fastest growing PC companies in the industry. The expansion within Europe of LFS further demonstrates our position as a leading provider of vendor financing solutions and reinforces our commitment to the market. It reflects CIT's ability to provide commercial financing solutions for customers of the leading technology companies around the world."
The LFS program will offer leasing and financing options, as well as tools and online capabilities designed to make it simple for Lenovo partners and customers to finance their technology solutions. It will help Lenovo customers who want to maximize their purchase power by obtaining the technology they need today, protecting against technology obsolescence, and preserving their capital for other uses.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $40 billion in finance and leasing assets. It provides financing and leasing capital to more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. www.cit.com.
