W. Edward Gettings to retire September 1, 2017 after achieving key milestone
TORONTO, June 29, 2017 /CNW/ - Street Capital Group Inc. ("Street Capital" or the "Company") (TSX: SCB), today announced that Duncan Hannay, a seasoned financial services and technology executive leader, has been appointed President and CEO of Street Capital and President and CEO of Street Capital Bank of Canada ("Street Capital Bank" or the "Bank"). Mr. Hannay will assume these responsibilities following the retirement of Ed Gettings on September 1, 2017.
Mr. Hannay brings over 25 years of transformative executive leadership experience to the role at a critical juncture in the Bank's history. He succeeds Ed Gettings, who was a key architect in securing a Schedule I bank licence for Street Capital Bank – one of only 32 such licences in Canada.
"Duncan has significant experience and a proven track record in the global financial services sector and we are excited to welcome him to Street Capital," said Allan Silber, Chairman of Street Capital. "His innovative approach and progressive leadership style comes at a perfect time in our history, as we look to grow and diversify the Bank. With thanks to Ed, Duncan joins what I believe is one of the strongest management teams in the industry. We owe Ed an enormous debt of gratitude for his contributions."
"We are thrilled to have Duncan join the team at this critical time," said Ed Gettings, who participated as a member of the Board of Directors' selection committee and will continue to serve on the Board of Directors. "Duncan's guidance and experience building innovative, customer-centric financial services businesses will empower our team as they work to provide solutions that will better serve our customers and valued mortgage broker partners. Street Capital is positioned to grow substantially in the coming years and we are focused on creating value for all of our shareholders."
Apart from securing a Schedule I bank licence and co-founding Street Capital Group in 2007, Mr. Gettings is credited with growing the business from a standing start to the number four player in insured mortgages in the mortgage broker channel during fiscal 2016, with $27.8 billion in Mortgages under Administration as of Q1-2017. With a base of approximately 130,000 customers, the Bank is well positioned to grow as it diversifies its offerings and existing mortgages come up for renewal.
Mr. Hannay is currently the acting Chief Operating Officer of Finastra, a role he assumed following the merger of two highly complementary financial technology providers - D+H and Misys - creating one of the largest fintech providers in the world. Prior to the merger, Duncan was the President, Global Lending Solutions at D+H, a leading financial technology provider trusted by nearly 8,000 financial institutions, governments, and corporations across the globe. Duncan was responsible for extending the market leadership of D+H's lending software business globally. This includes consumer, commercial, mortgage and student lending software solutions, as well as loan servicing and collateral management solutions for banks, credit unions, government and specialty lenders.
Prior to joining D+H, Duncan was Senior Vice President and Head of Marketing at Scotiabank. He also served as Managing Director and Head of Online Brokerage at Scotiabank, a position he held after the bank's acquisition of E*TRADE Canada Securities, where he was President and CEO. Prior to this, Duncan held increasingly senior roles in the areas of strategy, business development and marketing with E*TRADE Financial in Toronto and New York.
Duncan added, "I'm delighted to be taking on this exciting role and leading the team at Street Capital Bank during what promises to be a watershed moment in its history. My hat goes off to Ed and the entire team for the progress to date. There is a meaningful market opportunity for this business in Canada and we look forward to better serving our customers by delivering complimentary products and services, through innovative and evolving technology platforms. Street Capital Bank is uniquely poised for growth in the years to come and I look forward to defining the growth strategy with the Board and executing on the vision with this very capable team."
About Street Capital Group Inc. (streetcapitalgroup.ca)
Street Capital Group Inc. (TSX: SCB) is a public company operating through its wholly-owned subsidiary, Street Capital Bank of Canada, a federally regulated Schedule I Bank offering residential mortgage loans with the strategic goal of introducing additional retail banking products in the coming years. Street Capital Bank of Canada sources its mortgage products primarily through a network of independent mortgage brokers across Canada with whom it has built relationships. Street Capital Bank of Canada offers a broad line-up of high ratio and conventional mortgages to borrowers and either sells the mortgages it underwrites to top tier financial institutions or holds them on balance sheet. Street Capital Bank of Canada lends throughout all of the Provinces of Canada (other than Quebec) and has offices in Ontario, Alberta and British Columbia. For more information please visit streetcapital.ca.
This release contains certain forward-looking statements that are based on management's exercise of business judgment as well as assumptions made by, and information currently available to, management. When used in this document, the words "may", "plan", "will", "anticipate", "believe", "estimate", "expect", "intend", and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as outlined in the Company's Annual Information Form and other filings made with securities regulators, which are available on SEDAR (sedar.com). These factors include, without limitation: expansion opportunities, technological changes, regulatory changes (including mortgage insurance rules), and changes to the business and economic environment, including, but not limited to, Canadian housing market conditions and activity, interest rates, mortgage backed securities markets, and employment conditions that may impact the Company, its mortgage origination volumes, investments and capital expenditures, and competitive factors that may impact revenue and operating costs. Any of these factors, amongst others, could cause actual results to vary materially from current results or from the Company's currently anticipated future results and financial condition. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.
SOURCE Street Capital