May 12 Canada's biggest non-bank lender Home
Capital Group Inc disclosed data on Friday that showed
the rate of withdrawals by depositors slowed for a second day in
Home Capital said its high-interest savings deposits were
expected to have fallen to about C$125 million following the
completion of Thursday's settlements, down from a balance of
C$128 million the day before.
Depositors have withdrawn nearly 94 percent of funds from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.
(Reporting by Swetha Gopinath in Bengaluru; Editing by