CIT only partly bankrupt

CIT Australia will not be affected, or so it says, by the bankruptcy filing of its parent in the US.

The firm provides vendor finance to numerous suppliers of business equipment, including computer makers Apple and Dell.

CIT Australia managing director Keith Rodwell wrote in a note to dealers who source vendor finance from CIT that "this action will have limited effect on the day-to-day operations of CIT Australia.

"CIT Australia is well capitalised, profitable and cashflow positive. As a result, CIT Australia will continue to function normally."

There has been talk of the Australian arm being sold to a local bank.

In Australia, the local business reported around $900 million in assets earlier this year.