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Santander Consumer nears sale of $1B of consumer loans

Jan. 28, 2016 3:28 PM ETSantander Consumer USA Holdings Inc. (SC) StockSCBy: Stephen Alpher, SA News Editor
  • The company late last year announced a plan to exit its portfolio of personal loans acquired from other companies, and instead focus on its core auto-lending operations. The portfolio stood at about $2.2B at the end of Q3.
  • This particular set of loans near a sale was purchased from LendingClub.
  • The personal loan portfolio dinged the company's Q4 results (the stock fell about 15% yesterday and is off another 4.2% today). "We will be relieved when Santander (NYSE:SC) is out of this business," says Sandler O'Neill's Chris Donat.
  • Source: Bloomberg

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