CIT set to buy Barclays asset finance arm -paper

LONDON, Oct 1 (Reuters) U.S. commercial finance firm CIT is expected to take ownership this week of the asset finance and leasing business of Barclays Plc in a deal worth around 1.3 billion pounds ( LONDON, Oct 1 (Reuters) U.S. commercial finance firm CIT is expected to take ownership this week of the asset finance and leasing business of Barclays Plc in a deal worth around 1.3 billion pounds ($2.4 billion), The Sunday Telegraph reported.

Without citing sources, the report said the deal -- which follows an auction held over the summer -- would be announced in the next few days.

General Electric, Fortis and Societe Generale were among the other bidders, The Sunday Telegraph said.

The Barclays' arm arranges finance for small and medium-sized companies investing in new equipment.

Barclays declined to comment.

REUTERS DKS DB2035 .4 billion), The Sunday Telegraph reported.

Without citing sources, the report said the deal -- which follows an auction held over the summer -- would be announced in the next few days.

General Electric, Fortis and Societe Generale were among the other bidders, The Sunday Telegraph said.

The Barclays' arm arranges finance for small and medium-sized companies investing in new equipment.

Barclays declined to comment.

REUTERS DKS DB2035