Home Capital names new CEO, ending months-long search

Canadian lender taps mortgage veteran to take the helm
|hrreporter.com|Last Updated: 07/13/2017
Home Capital
The entry to the Home Capital Group's headquarters is seen at an office tower in the financial district of Toronto, May 1. REUTERS/Chris Helgren

(Reuters) — Canadian lender Home Capital Group appointed Yousry Bissada as its chief executive, bringing to an end a search it started in March after it terminated the employment of former CEO Martin Reid.

Bissada, who will take charge on August 3, is a mortgage and financial services industry veteran with a career spanning 30 years, the company said on Wednesday.

"(Bissada) has extensive industry experience ... having led a number of business transformations," said Brenda Eprile, chair of Home Capital's board.

Reid's departure had sparked a withdrawal of funds from Home Capital's high interest savings accounts which accelerated after April 19, when Canada's biggest securities regulator, the Ontario Securities Commission, accused the lender of making misleading statements to investors about its mortgage underwriting business.

The company has since been looking to build on an inflow of deposits after agreeing to a C$2 billion ($1.5 billion) financing deal with Warren Buffett's Berkshire Hathaway  in June. Bissada, 57, is currently the chief executive of Kanetix, a provider of digital services to the insurance market. 

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