Goldman Sachs (GS) is nearing a deal to sell its consumer banking unit GreenSky, according to multiple media reports.
According to one report in The Wall Street Journal newspaper, Goldman Sachs is in talks with a group of investors that include the firms Sixth Street (TSLX), KKR (KKR), and Pacific Investment Management.
The sale is likely to be for about $500 million U.S, which would be less than a third of the $1.7 billion U.S. Goldman Sachs paid for GreenSky 18 months ago.
GreenSky specializes in lending money to consumers for home improvement projects. It also offers deposit accounts and personal loans.
The sale of GreenSky comes as Goldman Sachs abandons its plans to become a major player in consumer banking within the U.S.
Efforts aimed at providing consumers with deposit accounts, loans, and credit cards proved less profitable than executives at Goldman Sachs had hoped.
David Solomon, Goldman Sachs CEO, has said recently that the investment bank plans to focus on its traditional strengths of deals and trading.
Goldman Sachs’ stock has risen 6% over the past 12 months and currently trades at $341.89 U.S. per share.
