Mortgage lender Home Capital has announced that it is to acquire CFF Bank. The deal is expected to cost HC subsidiary Home Trust around $15 million and is subject to regulatory approval.
CFF provides a wide range of banking services including mortgages and operates through various channels including 37 owner-managed Canadian First Financial Centres, although these will continue to be operated under existing owner Canadian First Financial Group. Home Trust and CFFG have agreed a separate deal which will see Home Trust mortgages and other products being offered across the owner-managed network under the CFF Bank brand.
Home Capital has recently made headlines following the suspension of a number of brokers but company president Martin Reid commented: “Our efforts to integrate CFF Bank’s operations will in no way impede our efforts to manage the recently disclosed situation with Home Capital mortgage originations. Our team will continue to focus on those initiatives.” Home Capital also notes that there is no crossover between CFFG’s broker relationships and the brokers recently suspended by Home Trust.
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