On April 30, 2010, Canadian Imperial Bank of Commerce (CIBC) acquired CIT Financial Ltd.'s (CIT Canada) interest in CIT Business Credit Canada Inc. (CIT Business Credit) to own 100 per cent of this company, which has been re-named CIBC Asset-Based Lending Inc.
CIT Business Credit was established in 2000 as a joint venture between CIBC and CIT Canada, a wholly owned subsidiary of CIT Group Inc.
Financial terms of the deal were not disclosed.
CIBC was represented by in-house counsel Robert Richardson and Tim Meadowcroft and by Torys LLP, with a team that included Cameron Koziskie and Andrew Prodanyk (corporate), Vanessa Kee (lending), Eric Boehm and Michelle Kisluk (contracting), Mitch Frazer and Adrienne DiPaolo (employment and benefits) and John Unger (tax).
CIT Canada was represented by in-house counsel Bryan Kelling, assisted by John Teolis, Greg Frenette, Carlos Cerqueira and Elizabeth Sale (corporate), Mark Selick and Michelle Schwartzberg (lending), Lauren Temple (real estate) and Paul Tamaki (tax) at Blake, Cassels & Graydon LLP.