Lending Club ‘very close’ to buying Phoenix Financial Services

LendingClub has “very close” links to Phoenix Financial, a company that has been hit by regulatory scrutiny and has a troubled history, the head of the lender has said. 

A source close to the deal said the lender was “very much” on board.

Lending Club, which is owned by the same investors as Phoenix Financial Group, was one of a number of lenders involved in a “fraud-related scandal” in 2015.

It was one among dozens of lenders to fall under scrutiny, including Royal Bank of Scotland, RBS, NatWest, Natwest-controlled Nationwide and Halifax.

Its chief executive was convicted of fraud, which resulted in a £5m fine and prison.

After Phoenix Financial’s collapse, it was shut down and its assets were sold.

“LendingClub is very much a part of the Phoenix family and the Phoenix group and is an important partner in the Lending Group,” said the bank’s head of global business, Michael Bower.

Phoenix Financial has been “an important partner” in the UK, he said.

A spokesman for Lending House said the company was “in discussions with Phoenix Financial” about a potential purchase.

We look forward to continuing to work with Lending Clubs and other lenders in the coming days and weeks.””

Lender-lending and other financial services are crucial to ensuring that the global economy can recover from the financial crisis.”

We look forward to continuing to work with Lending Clubs and other lenders in the coming days and weeks.

“Lending House has also said that it would not be selling its investment in Lending.

But Mr Bower said: “It is clear that Lending is the right partner for Lenders to be buying. 

We’re not going to comment on rumours.” 

Lending club, which was sold to US-based SunTrust in 2015, is one of three major US banks to be investigated for its role in a fraudulent loan scheme.

Investigations into the mortgage lender began in 2013 after a whistleblower claimed that lenders made risky loans to borrowers, using false information to get them to repay the money.

The company was fined £1.9m for its roles in the scheme and a year later it was forced to take £250m of £2.2bn in fines.

More: Lender’s ‘fraud scandal’ was triggered when whistleblower claims

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