CIT GROUP: Commercial finance company CIT Group announced on September 8 that it had dropped plans to sell CIT Rail.

The third largest wagon lessor in North America, Chicago-based CIT Rail has a lease fleet of around 115 000 wagons and 550 locomotives.

The company said the decision to retain the US$4·5bn rail business was made ‘as a result of the progress the company has made managing its balance sheet and strengthening its liquidity position.’ This included the divestment of the home lending business and the sourcing of more than US$11bn in liquidity facilities.