Scotiabank has embraced the urgency of adapting the bank to the realities of slowing revenue growth and new banking preferences among consumers.Reynard Li/Bloomberg
Reverse mortgage lender HomEquity Bank appointed a veteran deal maker to its board of directors on Monday, with former Bank of Nova Scotia executive John Sherrington joining the Toronto-based company.
Founded in 1986 in Vancouver, HomEquity Bank has grown to a national company with a federal banking charter and a business focused on allowing homeowners, typically aged 55 or older, to borrow against the value of their residences. The company was originally known as Canadian Home Income Plan Corp., and is active in acquisitions and financing, sectors where Mr. Sherrington spent his 40-year career prior to retiring as vice-chairman of global investment banking at Scotiabank in 2015.
"Mr. Sherrington brings a wealth of banking leadership experience to the board," said Steven Ranson, chief executive officer at HomEquity Bank.
At Scotiabank, Mr. Sherrington was responsible for relationships with major Canadian financial corporations. He was born in the U.K. and educated at Oxford University and the City of London Business School before moving to Canada in 1974.
Andrew Willis