Lending Club and Union Bank Enter Into Strategic Alliance
SAN FRANCISCO – May 5, 2014 –
Lending Club (https://www.lendingclub.com), the nation’s leading online credit marketplace, and Union Bank, N.A. (https://www.unionbank.com), today announced a strategic alliance. Under the agreement, Union Bank will purchase personal loans through the Lending Club platform, and the two companies will work together to create new credit products to be made available to both companies’ customer base.
This strategic relationship brings together Lending Club’s low operating cost and Union Bank’s strong balance sheet and large customer base. Both companies focus on responsible lending and customer service, which will help unlock lower rates and superior service to both companies’ customers.
"Union Bank has an admirable reputation for transparency, high quality products and customer service," said Lending Club CEO Renaud Laplanche. "We feel honored to join with Union Bank to bring innovative solutions to market together."
"This relationship will allow Union Bank to invest in high quality assets while bringing new products to our customers," said Union Bank Executive Vice President James Francis, head of consumer lending. "Lending Club delivers an excellent customer experience and has established a reputation for innovation. We are excited to work with this innovative organization."
Since facilitating its first loan in May 2007, Lending Club has more than doubled annual loan volume each year. By using technology and automating processes online, Lending Club matches creditworthy borrowers with investors looking for yield. Borrowers benefit from rates generally lower than credit cards, and the platform’s investors have enjoyed solid returns. As of March 31, 2014, more than $4 billion in personal loans have been originated through the Lending Club platform, helping more than 290,000 consumers to achieve their financial goals. In March 2014, Lending Club launched a small business loan platform to help small-business owners access affordable credit. In April 2014, Lending Club announced the acquisition of Springstone Financial, which provides affordable financing options for consumers looking to finance K-12 education and elective medical procedures through a network of over 14,000 schools and healthcare providers.
About Lending Club
Lending Club utilizes technology and innovation to reduce costs and offer borrowers better rates and investors better returns. As of March 31, 2014, over $4 billion in personal loans have been issued through the Lending Club platform, which has more than doubled annual loan volume each year since launching in 2007. The Company has been prominently recognized as a leader for its growth and innovation, including being named one of Forbes’ America’s Most Promising Companies three years in a row, a 2012 World Economic Forum Technology Pioneer, and one of The World’s 10 Most Innovative Companies in Finance by Fast Company in 2013. Lending Club is based in San Francisco, California. More information is available at: https://www.lendingclub.com. Currently only residents of the following states may invest in Lending Club notes: CA, CO, CT, DE, FL, GA, HI, ID, IL, KY (accredited investors), LA, MN, MO, MS, MT, NH, NV, NY, RI, SD, UT, VA, WA, WI, WV, or WY.
About UnionBanCal Corporation & Union Bank, N.A.
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $107.2 billion at March 31, 2014. Its primary subsidiary, Union Bank, N.A., provides an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 422 branches in California, Washington, Oregon, Texas, Illinois, New York and Georgia, as well as 2 international offices, on March 31, 2014. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world’s largest financial organizations. In July 2013, American Banker Magazine and the Reputation Institute ranked Union Bank #1 for reputation among its customers. Visit http://www.unionbank.com for more information.
Union Bank NMLS ID #539249
Some of the statements in this above are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Information in this press release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. 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.
Grayling Public Relations