Wednesday said it had acquired the U.S. factoring assets and liabilities of the U.K banking giant
for an undisclosed sum.
According to the two companies, the assets have a value of $1 billion before assumed liabilities with net assets of $270 million.
The Livingston, N.J.-based CIT Group, which was spun off last year by
, said the assets complement its commercial and consumer finance businesses.
On the other hand, HSBC said the sale is a result of its new strategy to focus on core U.S. businesses.
CIT shares gained 6 cents to $35.27 Tuesday.