Lenovo in vendor finance tie-up with CIT
04 May 2010
China-based multinational computer technology corporation Lenovo and CIT Group, a US lender to small and medium companies, today signed a letter of intent to establish Lenovo Financial Services (LFS).
The LFS programme will provide a broad range of vendor financing solutions for Lenovo's business partners and customers who utilise Lenovo's extensive range of technology products and services. The LFS programme will begin in North America on 1 June 2010.
"This announcement demonstrates our commitment to providing our customers the best vendor financing experience possible, and we believe that the Lenovo Financial Services Programme will allow us to focus on financing programmes tailored to meet the specific needs of our customers."
"The creation of the Lenovo Financial Services programme provides us the opportunity to offer financial services alternatives to our customers," said Rory Read, president and chief operating officer, Lenovo. "This announcement demonstrates our commitment to providing our customers the best vendor financing experience possible, and we believe that the Lenovo Financial Services Programme will allow us to focus on financing programmes tailored to meet the specific needs of our customers."
Ron Arrington, president of CIT Vendor Finance, said, "We are very excited to announce our relationship with Lenovo, one of the fastest growing PC companies in the industry. The establishment of LFS demonstrates our position as a leading provider of vendor financing solutions. It reflects CIT's ability to provide financing solutions for customers of the leading technology companies around the world."
The LFS programme will offer leasing and financing options to Lenovo partners and customers, as well as tools and online capabilities with the operational support of CIT.
Formed by Lenovo Group's acquisition of the former IBM personal computing division, the company develops, manufactures and markets products and services worldwide.
New York City-based CIT is a bank holding company with approximately $45 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance