May 9, 2017 / 12:04 PM / a year ago

CORRECTED-Home Capital says third party plans to buy C$1.5 bln in mortgages

(Corrects currency to Canadian dollars)

May 9 (Reuters) - Home Capital Group Inc said a third party intends to buy up to C$1.5 billion ($1.10 billion) in mortgages, at a time when Canada’s biggest non-bank lender is attempting to stem the flow of customer withdrawals.

The third party has indicated its non-binding intention to buy as much as C$1 billion in uninsured mortgages and to buy or accept commitments for up to C$500 million in insured mortgages.

Home Capital is under pressure as it deals with a plunge in its high-interest savings accounts deposits, the recent departures of its founder and chief executive, and faces a regulatory probe for misleading investors. ($1 = 1.3694 Canadian dollars) (Reporting by Arathy S Nair in Bengaluru; Editing by Anil D’Silva)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below