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Home Capital's high-interest accounts balance expected to fall to C$128 mln
May 11, 2017 / 11:14 AM / 6 months ago

Home Capital's high-interest accounts balance expected to fall to C$128 mln

May 11 (Reuters) - Canada’s biggest non-bank lender Home Capital Group Inc said on Thursday its high-interest savings deposits were expected to have fallen to about C$128 million ($93 million)following the completion of Wednesday’s settlements.

Deposits were expected to have fallen to about C$134 million following completion of Tuesday’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Depositors have withdrawn more than 90 percent of funds from Home Capital’s high-interest savings accounts since March 27, when the company terminated the employment of former Chief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. ($1 = 1.3705 Canadian dollars) (Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

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