Veteran banker Simon Williams has rejoined the board of Lending Club on the eve of its high-profile initial public offering.

Williams was on the board of Lending Club, which is based in San Francisco, in 2010 and 2011 before leaving to lead HSBC's global retail wealth management division. Williams recently retired from HSBC. He has worked in financial services for more than two decades, including several years at Citigroup, where he held multiple positions before becoming head of global consumer risk management.

"In 2010, [Williams] played a valuable role in helping us develop and enhance our credit risk management framework," Lending Club's chief executive, Renaud Laplanche, said in a press release. "The knowledge and perspective he brings from his recent experience will make him an even stronger board member as we continue to evolve."

Lending Club in late August declared its intent to go public and said Monday that it seeks to raise nearly $700 million through the sale of 57 million shares. The offering has been likened to Facebook's IPO as a watershed moment for the online lending industry and has been widely anticipated by investors. The IPO is scheduled to take place this month.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.