TORONTO, July 12, 2017 /CNW/ - Home Capital Group Inc. ("Home Capital" or the "Company") (TSX: HCG) today announced that its Board of Directors has appointed Yousry Bissada as President and Chief Executive Officer of the Company and its subsidiaries, Home Trust Company and Home Bank, effective August 3. Mr. Bissada is a seasoned mortgage and financial services industry leader with a successful career spanning 30 years.
Mr. Bissada's experience includes seven years as President and CEO of Filogix Inc., a leading software and service provider to the mortgage industry, as well as executive roles in mortgage operations at two of the Big Five Canadian banks, including as Senior Vice President of Real Estate Secured Lending Products at TD Canada Trust. For the past three years, he has served on the Board of Directors of Equity Financial Holdings Inc., a TSX-listed alternative mortgage lender, and previously served as Chairman of two mortgage lenders, Canadiana Financial Corp. and Paradigm Quest Inc.
Mr. Bissada, 57, is currently President and CEO of Kanetix Ltd., which works with financial services companies to help them improve their digital tools and technology and operates one of Canada's largest online platforms for sourcing insurance quotes. Mr. Bissada was inducted into the Canadian Mortgage Hall of Fame in 2011.
"We are delighted to welcome Yousry to Home Capital," said Brenda Eprile, Chair of the Home Capital Board of Directors. "He has extensive industry experience, including at the CEO level, having led a number of business transformations. He has spent much of his career finding ways to make companies run more smoothly, improving customer service and applying technology to the financial services and mortgage industries. In addition, Yousry has proven his ability to balance an entrepreneurial culture with operational and regulatory discipline, to energize teams and to create value. These are precisely the characteristics we see driving our future success."
"Home plays a critically important role in terms of helping Canadians realize their dream of home ownership," Mr. Bissada said. "I am excited about the opportunity to work with the strong team at Home Capital and build on the Company's leading position in the alternative mortgage lending market. We want to be the first choice for depositors, borrowers and brokers."
One of Mr. Bissada's first responsibilities will be to complete the Company's search for a new Chief Financial Officer. Mr. Bissada will be appointed to the Board of Directors of Home Capital and its subsidiaries effective with his appointment as President and CEO.
Yousry Bissada Biography
Yousry Bissada is a Chief Executive Officer with more than three decades of experience focused on financial services and the mortgage industry, and a track record of managing change, driving transformation and creating value.
Since 2011, Mr. Bissada has been President and CEO of Kanetix Ltd., a digital platform that provides more than one million quotes per year to customers seeking insurance and other financial products, and enables the customers to connect with providers that offer those quotes. Kanetix also works with leading insurance companies, banks and other financial services companies to improve their digital tools and technology. Under his leadership, Kanetix has experienced consistent revenue and profit growth, built the infrastructure required for expansion and significantly increased brand awareness.
Mr. Bissada began his career in finance as a Certified General Accountant and in 1989 became Chief Financial Officer of FirstLine Trust Company, a leading-edge company focused on mortgage product development, securitization structures and non-branch origination channels.
He then rose through the mortgage industry, taking progressively more senior roles with a focus on operations.
After FirstLine Trust was acquired by Canadian Imperial Bank of Commerce, Mr. Bissada became Vice President of Servicing Operations for CIBC Mortgages and FirstLine, a role in which he significantly improved customer service ratings.
Mr. Bissada then moved to Canada Trust, and in 1999 he was named Senior Vice President of Real Estate Secured Lending Products at TD Canada Trust, overseeing one of Canada's largest mortgage businesses.
In 2000, Mr. Bissada became President and CEO of Filogix, an innovative B2B software and service provider to the mortgage industry, where he served until 2007. Under his leadership, Filogix produced significant growth in revenue, earnings and market share, as the company expanded from a small player to an industry leader. Today, Filogix is the recognized industry standard for mortgage brokers submitting applications to lenders such as Home Trust.
Mr. Bissada has also held numerous roles on the boards of companies in the mortgage industry. From 2009 to 2011, Mr. Bissada served as Chairman of two mortgage lenders, Canadiana Financial Corp. and Paradigm Quest Inc. From 2007 to 2009, he served as a director on the Board of Street Capital Financial Corp. He currently serves on the Advisory Board of Real Matters Inc.'s Solidifi, a provider of appraisal services using an innovative technology platform, and on the Board of Directors of Equity Financial Holdings Inc., a publicly traded alternative mortgage lender. Mr. Bissada intends to step down as a director of Equity Financial prior to assuming his position with Home Capital.
Caution Regarding Forward-looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation. Please refer to 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.
For further information: Investors: Laura Lepore, Assistant Vice President, Investor Relations, (416) 933-5652, [email protected]; Media: Boyd Erman, Longview Communications Inc., (416) 649-8007, [email protected]; or Peter Block, Longview Communications Inc., (416) 649-8008, [email protected]