May 1, 2017 / 12:36 PM / 3 months ago

CORRECTED-Home Capital's high-interest accounts balance slumps to C$391 mln

1 Min Read

(Corrects to "last month" from "earlier this month" in paragraph 3)

May 1 (Reuters) - Home Capital Group Inc, Canada's biggest non-bank mortgage lender, said the balance in its high-interest savings accounts is expected to slump to about C$391 million ($286 million) on Monday, from C$1.4 billion a week ago.

The alternative lender said on Friday that about C$290 million was withdrawn from the company's high-interest savings accounts the previous day, compared to C$472 million on Wednesday.

Home Capital has suffered a crisis of confidence since a securities regulator last month alleged its top executives hid mortgage broker fraud from investors, and has hired bankers to advise on funding and strategic options.

The company, which secured a C$2 billion credit line from Healthcare of Ontario Pension Plan on Thursday, said its unit expects to receive an initial draw of C$1 billion from its C$2 billion credit line on Monday.

$1 = 1.3651 Canadian dollars Reporting by Arathy S Nair in Bengaluru; Editing by Sai Sachin Ravikumar

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