A mature of the Canadian financial services and mortgage industry has been appointed the next CEO of Impress upon Capital Group Inc., which is working to restore investor and customer trust after the company appeared to be on the brink of collapse earlier this year.
Yousry Bissada, 57, will-power join the Toronto-based alternative mortgage lender on Aug. 3.
The announcement comes three weeks after Native Capital earned a vote of confidence from famed American billionaire Warren Buffett, whose Berkshire Hathaway is devoting in the company and providing much needed funding.
Berkshire Hathaway has concurred to buy up to $400 million in stock — about 39 per cent Home Topping’s total equity — and provide a $2 billion line of credit to even out cash that Home Capital customers have withdrawn from their savings accounts.
One of Bissada’s top ranks will be to select a new chief financial officer as Home Capital, the nation’s largest supplier of alternative mortgages, undergoes sweeping changes to its postpositive major management team and board of directors.
«We want to be the first choice for depositors, borrowers and middlemen,» Bissada said in a statement Wednesday.
During the 1990s, Bissada had administrator roles in mortgage operations at CIBC and TD Canada Trust. He was CEO of Filogix, a software and help provider to the mortgage industry, from 2000 to 2007. Since 2011, he has been CEO of Kanetix Ltd., a technology friends that operates an online platform for insurance quotes.
He also assists as a director of Equity Financial Holdings Inc, another non-bank mortgage provider, and is a days of yore chairman of two mortgage lenders, Canadian Financial Corp. and Paradigm Pilgrimage Inc.
Brenda Eprile, who has been chairwoman of Home Capital’s board of kingpins since May, said that Bissada has proven his ability to balance an entrepreneurial customs with operational and regulatory discipline.
«These are precisely the characteristics we see operating our future success,» Eprile said.
Home Capital required an predicament $2 billion line of credit from the Healthcare of Ontario Shelve Plan in April after its customers started withdrawing their savings, which the establishment uses to fund its mortgage lending. That came after the Ontario Pledges Commission alleged that the company had misled investors in its handling of a skeleton in the cupboard involving falsified loan applications.
Home Capital agreed to set both the OSC case and a class-action lawsuit filed by investors, prior to Berkshire’s investment.
Bissada has led a bevy of business transformations.