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Non-Tech : Goldman Sachs Group Inc. NYSE:GS
GS 789.37-0.1%Oct 31 9:30 AM EST
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From: Don Green12/9/2007 6:11:08 PM
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Investec plans subprime lender sale to Goldman Sachs: report

Sun Dec 9, 3:39 AM ET

South African investment banking and asset management group Investec (INVP.L) (INLJ.J) is preparing to sell its British sub-prime mortgage lender Kensington to U.S. investment bank Goldman Sachs (GS.N), a South African newspaper reported on Sunday.

Discussions over Investec's disposal of Kensington are at an early stage, but could pick up steam early in 2008, according to the Sunday Times. The newspaper said the amount that Goldman would pay for the asset had not been disclosed.

Investec launched a successful 273 million pounds purchase of Kensington in May in a bid to gain a foothold in the British sub-prime mortgage market. It said at the time it planned to inject money into the asset.

But the wisdom of the deal was soon questioned as banks and other financial institutions were buffeted by a global credit crunch spurred by the virtual collapse of sub-prime lending in the United States and Britain.

Leading banks have taken massive write-offs due to their exposure to sub-prime loans, which are typically made to borrowers with lower credit ratings and at higher risk of default.

But some companies, such as Goldman Sachs, have been left largely unscathed by the chaos and are now taking advantage of what some investors see as attractive valuations for certain assets in the specialty lending sector.
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