Citi's Commercial Business Group to Enter Transportation Fleet Market
IRVING, TX – Citi's Commercial Business Group is entering the transportation fleet financing business. The new division, called Citi Transportation Finance, will provide financing for trucking companies and private fleets that have minimum annual revenues of $5 million and the potential for near-term financing needs of at least $1 million.
IRVING, TX – Citi’s Commercial Business Group is entering the transportation fleet financing business. The new division, called Citi Transportation Finance, will provide financing for trucking companies and private fleets that have minimum annual revenues of $5 million and the potential for near-term financing needs of at least $1 million.
Citi’s strategy will focus on a full range of financial products and services that address the needs of transportation fleets and dealer inventories. Citi will utilize a nationwide sales force to call directly on companies in the targeted segments.
Equipment financed by this new business will consist of new and used class 3-8 trucks, tractors, and trailers. Citi will offer a broad range of finance and lease products, including direct loans, refinancing, TRAC leases, and FMV leases. The company will also offer the full range of commercial banking products and services used by these companies such as treasury and cash management, commercial mortgages, working capital, trade financing, and investment and wealth management through Citi partners.
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