Home Capital Names New CEO

Yousry Bissada - Home Capital

CBJ — Yousry Bissada (pictured) has been tagged as the new CEO of Home Capital Group, taking over from interim chief executive Bonita Then who had taken the temporary role after the firing of Martin Reid earlier this year. He begins his new job on August 3.

Bissada is currently the CEO of Kanetix, which is billed as helping financial services companies bolster their digital operations. He previously held executive roles in the mortgage departments at CIBC and TD Canada Trust and was named to the Canadian Mortgage Hall of Fame six years ago.

“We are delighted to welcome Yousry to Home Capital,” said Home Capital Chair Brenda Eprile in a statement.

Bissada is joining Home Capital at a difficult time. In April three of its former executives were accused of misleading investors about loan applications in 2015.

Meanwhile, there was a run on the bank as depositors fled for the exits. Indeed, Home Capital’s high interest savings account balance plummeted from almost $2 billion in late March to $112.1 million as of June 27. The OSC announced a preliminary settlement with Home Capital in mid-June.

@CanBizJournal

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