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Home Capital's high-interest accounts balance expected to fall to C$134 mln
May 10, 2017 / 11:29 AM / 4 months ago

Home Capital's high-interest accounts balance expected to fall to C$134 mln

May 10 (Reuters) - Canada’s biggest non-bank lender Home Capital Group Inc said on Wednesday its high-interest savings deposits were expected to have fallen to about C$134 million following the completion of Tuesday’s settlements.

Deposits were expected to have fallen to about C$146 million following completion of Monday’s settlements.

Depositors have withdrawn more than 90 percent of funds from Home Capital’s high-interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Martin Reid.

The withdrawals accelerated after April 19, when Canada’s biggest securities regulator, the Ontario Securities Commission, accused Home Capital of making misleading statements to investors about its mortgage underwriting business.

The company has said the accusations are without merit. (Reporting by Swetha Gopinath in Bengaluru; Editing by Saumyadeb Chakrabarty)

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