HOME CAPITAL SAYS THINGS ARE CHANGING FOR THE BETTER

May 18, 2017

By Michael Kramer

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Home Capital Group says its high-interest savings accounts rose Wednesday – a sign the cash-strapped lender may be turning itself around after customers fled – in the midst of a funding crisis that erupted nearly a month ago.

The Toronto-based mortgage company says  there was $120.2 million in its high-interest savings accounts as of Wednesday – up $3 million from the day before.

GIC deposits stood at $12.35 billion, almost unchanged from Tuesday.

Home Capital has been trying to rebuild confidence among investors following a C-suite shakeup –  and an investigation by the Ontario Securities Commission into allegations it misled investors.

Home Capital denies the allegations.

Home Capital has also  announced the appointment of James Lisson to its board of directors – a man who’s been an adviser to the federal government  – and comes with more than 30 years experience at two prominent law firms.

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