Shops Line Up to Pitch CIT Group

New York-area agencies have responded to a request for proposals from commercial and res idential lender CIT Group, sources said. Bill ings are estimated at $7-10 million.

CIT, which re cently broke away from Tyco International and became a public company, is seeking a shop to handle both creative and media, sources said. The review is being managed by Kelley Gipson, svp, corporate marketing.

The Livingston, N.J., client will make an initial cut, visit the semifinalists, then choose finalists, according to sources. Final presentations are slated for August.

Recent TV spots feature an animated line, which morphs into a roller coaster and stock ticker, among other objects, to depict the changing nature of business. CIT is positioned as the company that “takes the tension out of managing the bottom line.” The tagline is, “Today’s financing leader.”

Direct marketing shop DraftWorldwide in New York ap pears to be the incumbent on the business.

Draft could not be reached, and Gipson did not return calls.

Before CIT, Gipson was an svp and management supervisor at Adler Bos chetto Peebles & Partners in New York. In 1997, Adler Boschetto was purchased by Draft.

CIT raised about $4.6 billion from its July 2 initial public offering, which opened at $22 per share. Tyco owned the company for 13 months. Tyco’s former CEO, L. Dennis Koz lowski, was indicted last month on charges of evading New York state sales taxes on $13.1 million in paintings that he bought.