[THE INVESTOR] Hanwha Life Insurance has acquired 4.1 percent stake in Lending Club, a US peer-to-peer lending company for 75 billion won (US$66.24 million), it reported on Oct. 17.
As the largest company in the business, Lending Club has disbursed US$20.6 billion loans by June 2016, and its total market value, once as high as 10 trillion won following its IPO in 2014, is currently 2.4 trillion won.
The insurance arm of Hanwha Group has a strategic partnership with Lending Club and “thought that its stocks were undervalued after its stock price was slashed due to the recent scandal involving its CEO, and purchased the stake,” said an official.
Hanwha Life headquarters in Seoul
In addition to gaining peer-to-peer financing knowhow from the marketplace lender, Hanwha Life Insurance expects to make profit in the long term, he added.
By Hwang You-mee (firstname.lastname@example.org)