E*Trade Bank in the US has purchased Lendnetwork.com's auto loan origination platform and integrated it into its suite of consumer financial services.
The new technology will enable the bank to underwrite, process and fund new, used and refinanced auto loans to its customer base of three million households, says E*Trade.
Christos Cotsakos, chairman of the board and chief executive officer, E*Trade Group, says: "This acquisition provides the company with the technology to originate high-yielding, low risk assets as we continue to diversify revenue at the bank without compromising credit quality."