TORONTO, April 27, 2017 /CNW/ - Home Capital Group Inc.
("The Company" TSX: HCG) today announced the resignation of
Jim Keohane from the boards of the
Company and its subsidiaries, Home Trust and Home Bank.
Mr. Keohane is President and CEO of the Healthcare of Ontario
Pension Plan (HOOPP), which today agreed to provide a $2 billion line of credit to Home Trust.
Mr. Keohane advised the Company today that due to the
transaction, it would no longer be appropriate for him to serve as
a director given the potential conflicts that might arise from the
new relationship.
"We thank Jim for his service and the insights he brought to the
board," said Kevin Smith, Chairman
of Home Capital Group. "We are sorry to see him go, but we all
understand the importance of avoiding the potential for future
conflicts given the important business arrangement we announced
today with HOOPP."
For that reason, Mr. Smith has also advised HOOPP that he will
no longer serve as a director of the pension plan.
The Company will announce plans to deal with the resulting
vacancy on the Home Capital board in due course.
Caution Regarding Forward-looking Statements
This press release contains forward-looking information within
the meaning of applicable Canadian securities legislation. Please
refer to the Home Capital's 2016 Annual Report, available on Home
Capital's website at www.homecapital.com, and on the Canadian
Securities Administrators' website at www.sedar.com, for Home
Capital's Caution Regarding Forward-looking Statements.
About Home Capital Group Inc.
Home Capital Group Inc. is a public company, traded on the Toronto
Stock Exchange (HCG), operating through its principal subsidiary,
Home Trust Company. Home Trust is a federally regulated trust
company offering residential and non-residential mortgage lending,
securitization of insured residential mortgage products, consumer
lending and credit card services. In addition, Home Trust offers
deposits via brokers and financial planners, and through its direct
to consumer deposit brand, Oaken Financial. Home Trust also
conducts business through its wholly owned subsidiary, Home Bank.
Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British
Columbia, Nova Scotia,
Quebec and Manitoba.
SOURCE Home Capital Group Inc.