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Reuters: CIT Had Talks to Sell to TD Bank and Wells Fargo

February 11, 2013, 07:52 AM
Filed Under: Industry News
Related: CIT, TD Bank

Reuters reported that CIT Group had preliminary talks over the past year and a half to sell itself to banks, including Toronto-Dominion Bank and Wells Fargo & Co, but nothing came of the conversations, according to three people familiar with the specialty finance company.

According to the report, Goldman Sachs bankers have had informal talks on behalf of CIT with a number of banks, but the Wall Street firm has not been formally retained as an adviser, according to two of the people. CIT Chief Executive Officer John Thain, who formerly worked at Goldman, is not under any immediate pressure to sell the company, the sources said.

Spokesmen from CIT and TD declined to comment on what they characterized as "speculation and rumors." A Goldman Sachs spokesman and a Wells Fargo spokeswoman declined to comment.

View the entire Reuters aritcle.

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