9th May 2016 16:54
LONDON (Alliance News) - P2P Global Investments PLC, the London-listed investment trust which invests in loans originated through online peer-to-peer platforms, on Monday said its manager is tracking carefully developments at LendingClub Corp, whose Chief Executive Officer Renaud Laplanche resigned after an internal review.
Laplanche's resignation followed an internal review of sales of USD22 million in near-prime loans to a single investor, in contravention of the investor's express instructions as to a non-credit and non-pricing element, LendingClub said in a statement Monday. The announcement sent LendingClub's shares down by about a quarter.
P2P said it does not participate in LendingClub's near-prime program. In addition, P2P said its "purchase of LendingClub loans are restricted to the 'prime' program offered by LendingClub." Moreover, P2P said it has "no exposure" to LendingClub equity or equity-linked securities.
Shares in P2P closed up 0.4% at 939.50 pence Monday.
By Samuel Agini; [email protected]; @samuelagini
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