Grey Horse applies to get into mortgage business

Grey Horse Corporation, a Canadian financial services firm, has announced that its subsidiary, Equity Transfer & Trust Company (ETT), is taking steps to enable it to become a deposit-taking institution (DTI). As a DTI, ETT intends to begin taking deposits and enter the growing field of residential mortgage lending – a $950 billion market.

Nick Kyprianou is president, mortgage operations and will lead the DTI initiative. In order to align his interests with those of the corporation, Kyprianou will also invest approximately $1 million to purchase GHC common shares at $5.25 per share via a private placement, the company says.

Grey Horse president and CEO Paul G. Smith says, “This initiative fits with our strategic direction by expanding the scope of ETT’s trust business, generating a new revenue stream for the corporation and further diversifying GHC’s activities in the financial services sector. Mr. Kyprianou is a strong and respected business leader whose many years of industry experience position the corporation well to build a competitive mortgage lending business.”

Kyprianou is the former president of Home Capital Group and Home Trust, where he worked for 17 years and was responsible for directing mortgage underwriting, sales and Visa operations.