BOQ in box seat for CIT

Bank of Queensland may confirm by Wednesday that it plans to buy the CIT financing and leasing business from the US financier of the same name, the Financial Review reported in its Street Talk column.

CIT is supplies vendor finance to Apple and Dell, among others. The firm passed into bankruptcy in the US in late 2009 and emerged from bankruptcy within weeks.

The AFR put CIT's lending book at $500 million, down by 40 per cent from 2008, and net assets at $200 million.