May 11 Canada's biggest non-bank lender Home
Capital Group Inc said on Thursday its high-interest
savings deposits were expected to have fallen to about C$128
million ($93 million)following the completion of Wednesday's
Deposits were expected to have fallen to about C$134 million
following completion of Tuesday's settlements.
Depositors have withdrawn more than 90 percent of funds from
Home Capital's high-interest savings accounts since March 27,
when the company terminated the employment of former Chief
Executive Martin Reid.
The withdrawals accelerated after April 19, when Canada's
biggest securities regulator, the Ontario Securities Commission,
accused Home Capital of making misleading statements to
investors about its mortgage underwriting business.
The company has said the accusations are without merit.
($1 = 1.3705 Canadian dollars)
(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb