DALLAS, Feb. 1, 2016 /PRNewswire/ -- Santander Consumer USA Holdings Inc. (NYSE: SC) has completed the sale of assets from its personal lending portfolio to an undisclosed buyer. The portfolio was comprised solely of Lending Club installment loans with an unpaid principal balance of approximately $900 million as of December 31, 2015.
"This sale is consistent with our decision, in the third quarter of 2015, to focus on our core objectives of expanding the reach of our vehicle finance platform, creating opportunities in our serviced for others platform, diversifying our funding sources and growing capital," said Jason Kulas, Chief Executive Officer. "The assets in the personal lending portfolio were classified as held-for-sale beginning in Q3'15, and we are pleased that this sale of a significant portion of the portfolio is complete."
Deutsche Bank Securities Inc. acted as sole financial advisor and Mayer Brown LLP acted as legal counsel for SC.
About Santander Consumer USA Holdings Inc.
Santander Consumer USA Holdings Inc. (NYSE: SC) ("SC") is a full-service, technology-driven consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than 2.5 million customers across the full credit spectrum. The company, which began originating retail installment contracts in 1997, has a managed assets portfolio of $53 billion (as of December 31, 2015), and is headquartered in Dallas. (www.santanderconsumerusa.com)
SOURCE Santander Consumer USA Holdings Inc.