October 16, 2017 / 7:17 PM / a year ago

Home Capital to sell payment processing, prepaid card business

FILE PHOTO - The entry to the Home Capital Group's headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada on May 1, 2017. Picture taken using a wide angle lens. REUTERS/Chris Helgren/File Photo

(Reuters) - Canadian mortgage lender Home Capital Group Inc (HCG.TO) said on Monday it would sell its payment processing and prepaid card business.

The sale, which also includes Home Capital’s payment services interactive gateway units, is expected to generate about C$20 million ($15.97 million) in annual savings, the lender said.

Home Capital said it expects a reduction in fee and other income of about C$18 million due to the sale.

The deal is expected to close in 2017, the company said, without identifying the buyer.

($1 = 1.25 Canadian dollars)

Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila

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