Home Capital names mortgage sector veteran as CEO

Home Capital names new CEO

TORONTO — A veteran of the Canadian financial services and mortgage industry has been appointed the next CEO of Home Capital Group Inc., which is working to restore investor and customer confidence after the company appeared to be on the brink of collapse earlier this year.

Yousry Bissada, 57, will join the Toronto-based alternative mortgage lender on Aug. 3.

The announcement comes three weeks after Home Capital (TSX:HCG) earned a vote of confidence from famed American billionaire Warren Buffett, whose Berkshire Hathaway is investing in the company and providing much needed funding.

Berkshire Hathaway has agreed to buy up to $400 million in stock — about 39 per cent Home Capital’s total equity — and provide a $2 billion line of credit to offset cash that Home Capital customers have withdrawn from their savings accounts.

One of Bissada’s top priorities will be to select a new chief financial officer as Home Capital, the country’s largest supplier of alternative mortgages, undergoes sweeping changes to its senior management team and board of directors.

“We want to be the first choice for depositors, borrowers and brokers,” Bissada said in a statement Wednesday.

During the 1990s, Bissada had executive roles in mortgage operations at CIBC and TD Canada Trust. He was CEO of Filogix, a software and service provider to the mortgage industry, from 2000 to 2007. Since 2011, he has been CEO of Kanetix Ltd., a technology company that operates an online platform for insurance quotes.

He also serves as a director of Equity Financial Holdings Inc. (TSX:EQI), another non-bank mortgage provider, and is a past chairman of two mortgage lenders, Canadian Financial Corp. and Paradigm Quest Inc.

Just Posted

Mothers Against Drunk Driving hold candlelight vigil

Four-and-a-half years ago Marilyn Rinas’ husband was killed in a collision with… Continue reading

Thousands expected at memorial for fallen police officer in Abbotsford, B.C.

ABBOTSFORD, B.C. — The streets of Abbotsford, B.C., will be lined with… Continue reading

One person dead, five others injured in early-morning crash in Kingston, Ont.

KINGSTON, Ont. — A man who was checking the damage on his… Continue reading

Gus is a special, collaborative art exhibit inspired by motherhood

The portrait display by mother and son is showing in Red Deer

Robotics challenge sparks student interest in Red Deer

Student-built robots compete in fun challenge

Chicken crosses B.C. road, stops traffic

Rooster makes early morning commuters wait in Maple Ridge

Red Deerian honours her brother who died in a motorcycle collision

Houaida Haddad is encouraging Red Deer residents to donate blood

Red Deer County firefighters to be recognized for Waterton help

RCMP brass will give formal recognition Monday

Ron James tries to lighten humanity’s load through humour

The comedian returns to Red Deer for shows Dec. 1 and 2

100+ Women Red Deer donate to Christmas Bureau

About $14,000 will help with Christmas hampers and toys

Semi collides with vehicle on Highway 2 north of Ponoka

Members of the Ponoka Integrated Traffic Unit dealt with a call on Highway 2 north of Ponoka

After 70 years, Red Deer veteran still remembers his traumatic war experience

Frank Krepps feels lucky to have survived the Second World War

Merritt Mountie charged with assault

Charges are in relation to an incident in May at the detachment, B.C. Prosecution Service said

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month