Home Capital Says Its Future Is Uncertain Amid Run on DepositsBy
’Material uncertainty exists regarding funding capabilities’
Mortgage lender to address analysts on conference call Friday
Woes at Home Capital Group Inc., the embattled Canadian lender facing a run on deposits and a regulator investigation, mount as the company said it’s unsure of funding abilities while announcing first-quarter results.
“Material uncertainty exists regarding the company’s future funding capabilities as a result of reputational concerns that may cast significant doubt” on the ability to continue operations, Home Capital said in a statement Thursday. “Management’s focus is on finding more sources of funding in the near term so we can be more active serving our customers, and on seeking longer-term solutions that put the business back on track,” interim Chief Executive Officer Bonita Then said…
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