Goldman Sachs to Acquire Genesis Capital


Goldman Sachs Group Inc (GS.N) has agreed to buy private mortgage lender Genesis Capital LLC as the Wall Street bank looks to new businesses for growth while trading revenue remains sluggish.

Los Angeles-based Genesis, which had been backed by private equity firm Oaktree Capital Management LP, provides financing for real estate developers looking to buy, renovate and sell single-family homes.

Terms of the deal, announced by Genesis on Thursday, were not disclosed.


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