Oct 21 (Reuters) - CIT Group Inc CIT.N :
* Announces strategic initiatives designed to further its transition to a U.S.
commercial bank
* Says exploring strategic alternatives for $10 billion commercial air business
* Says exploring sale of CIT Canada and CIT China businesses
* Says announced a series of strategic initiatives that are designed to advance
the company's transition to a U.S. commercial bank
* Source text for Eikon ID:nBw1pb5Xda
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