Research Triangle Park, NC and New York – May 3, 2010 – Lenovo (HKSE: 992) (ADR: LNVGY) and CIT Group Inc. (NYSE: CIT), a leading financing provider, today signed a letter of intent to establish Lenovo Financial Services (LFS). LFS is a new program that will provide a broad range of vendor financing solutions for Lenovo’s business partners and customers who utilize Lenovo’s extensive range of technology products and services. The LFS program will begin in North America on June 1, 2010.
“The creation of the Lenovo Financial Services program 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 Program will allow us to focus on financing programs 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 program will offer leasing and financing options, as well as tools and online capabilities with the operational support of CIT. The program is designed to make it simple for Lenovo partners and customers to finance their technology solutions. It will help Lenovo customers who want to maximize their purchase power by obtaining the technology they need today, protecting against technology obsolescence, and preserving their capital for other uses.
Lenovo (HKSE: 992) (ADR: LNVGY) is dedicated to building exceptionally engineered personal computers. Lenovo’s business model is built on innovation, operational efficiency and customer satisfaction as well as a focus on investment in emerging markets. Formed by Lenovo Group’s acquisition of the former IBM Personal Computing Division, the company develops, manufactures and markets reliable, high quality, secure and easy-to-use technology products and services worldwide. Lenovo has major research centers in Yamato, Japan; Beijing, Shanghai and Shenzhen, China; and Raleigh, North Carolina. www.lenovo.com
Founded in 1908 and headquartered in New York City, CIT (NYSE: 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 provides an unparalleled combination of relationship, intellectual, and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. www.cit.com