Personal Loan News: Lending Club Appoints Former Citigroup Head of Global Consumer Group Risk Management to Board of Directors
Redwood City, CA — November 16, 2010 — Lending Club (http://www.lendingclub.com), the world’s leading platform for investing in personal loans, today welcomed Simon Williams, former Head of Global Consumer Group Risk Management for Citigroup, as a new Lending Club Board Member.
“Lending Club is a fast growing company that has taken one of the most consistent and profitable investments – consumer debt - and made it available to individual and institutional investors while reducing intermediation costs,” said Williams. “Lower costs also mean that consumers may be able to obtain personal loans at a lower rate. I believe Lending Club is well positioned to capture a large share of the US banking and investment market over the next five to ten years.”
While at Citigroup, Williams also served as Executive Vice President for the company’s International Retail Bank and its Global e-Business Unit, which provided comprehensive, integrated, e-commerce solutions for clients in the areas of working capital management, liquidity management, cash management, and trade finance capabilities. Prior to that, Williams headed the Citibank Latin America consumer business and the Citibank Asia/Pacific consumer business, which encompass all consumer activities from Australia to Japan. Before joining Citigroup, Williams held various senior management positions at GE Capital.
Williams is a member of the Institute of Chartered Accountants in England & Wales. He graduated with a degree in Mathematics from Exeter University and holds an MBA from INSEAD in France, where he graduated with distinction.
“The addition of Simon Williams to our Board of Directors will further strengthen our risk management infrastructure and institutional relationships," said Renaud Laplanche, CEO of Lending Club. “Simon’s background in banking and investment management will be particularly useful in the next few years as we continue to extend our reach and add new loan and investment products.”
Lending Club uses the power of the internet to remove the cost and complexities that exist in the traditional bank lending process. By connecting investors with creditworthy borrowers at LendingClub.com, Lending Club eliminates these costs and complexities and passes the savings on to borrowers and can provide investors a better return.
About Lending Club
Lending Club is an online platform that enables the issuance of and investment in consumer loans. Lending Club brings together investors and creditworthy borrowers -- eliminating the cost and complexity of traditional bank lending -- to offer borrowers better rates and investors better returns. Lending Club was recently recognized as one of the 20 "Breakthrough Ideas for 2009" by Harvard Business Review, has been nominated for "Top 100 Innovators" by The Industry Standard, is on the JMP Hot 100 list, and the Always On Global 250 Top Private Companies list. In addition Lending Club won the Webby Award in 2008 for the "Best Banking Website". Founded in 2006, Lending Club is headquartered in Redwood City, CA. More information is available at: http://www.lendingclub.com.
Loans are not issued in IA, ID, IN, ME, MS, ND, NE, or TN. Loans are issued by WebBank, an FDIC insured Utah chartered industrial bank located in Salt Lake City, Utah. Borrowers must be US citizens or permanent residents and at least 18 years old. Valid bank account and social security numbers are required. All loans are subject to credit approval.
Additional information about Lending Club is available in the prospectus for Lending Club's notes, which can be obtained on Lending Club's website at https://www.lendingclub.com/info/prospectus.action.