has sold its stake in E-Loan
(Dublin, California) in a private transaction. The company's share are listed on the Nasdaq and closed at $1.66 per share Tuesday. Based on that price, the deal was likely worth roughly $10 million.
Schwab sold its 5.9 million-share stake to E-Loan management and directors and existing institutional investors, according to the brokerage firm. A new investor in E-Loan purchased Five million shares. That investor's identity was not disclosed.
The sale marks a retreat by Schwab from the online lending business. Schwab has been pulling in its horns since the brokerage trading slowed as a result of the bear market.
Stay ahead of the news ... Sign up for our email alerts now