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Oct 16, 2017

Home Capital to sell payment processing, prepaid card business

A sign shows the logos of Home Capital Group's subsidiaries Home Trust and Oaken Financial.

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Mortgage lender Home Capital Group Inc (HCG.TO) said on Monday it would sell its payment processing and prepaid card business.

The sale, which also includes Home Capital's payment services interactive gateway units, is expected to generate about $20 million in annual savings, the lender said.

Home Capital said it expects a reduction in fee and other income of about $18 million due to the sale.

The deal is expected to close in 2017, the company said, without identifying the buyer.