TORONTO--(BUSINESS WIRE)--Home Capital Group Inc. (“Home Capital” or “the Company”) (TSX: HCG) today announces that it has completed a strategic review of its consumer retail loan portfolio. The Company has now determined that a component of this portfolio, the point-of-sale retail lending business, is considered non-core. As a result, gross loan balances of approximately $84 million will now be treated as assets held for sale for accounting purposes. Home Capital remains committed to its retail structured lending business within the consumer retail loan portfolio.
The assets and income associated with the point-of-sale business are not material to the Company’s financial results. Home Capital will continue to operate the point-of-sale business until a suitable transaction can be concluded.
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 residential mortgage products, consumer lending and credit card services. In addition, Home Trust offers deposits via brokers and financial planners, and through a 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, we have offices in Ontario, Alberta, British Columbia, Nova Scotia, Quebec and Manitoba.