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Rating:Schwab Sells E-Loan Stake Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, November 27, 2002

Schwab Sells E-Loan Stake

by: Sean Hanna, Editor in Chief

Charles Schwab 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. 

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