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

Home Capital to sell payment processing, prepaid card business

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

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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