RE:RE:BB are backEQB/HCG and other CDN banks wouldn't dare to even move a finger if OSFI didnt say they could. im sure they got the OKs from OSFI
Take a look at the this article (
FP Article seems like they are doing buybacks using cash from their holding companies which are *technically* not subject to OSFI regulations. Remember the OSFI regulated entities are Home Trust and Equitable Bank, not the listed companies Home Capital and Equitable Group. I think that is why HCG said they will only do 50 million, which is the cash they have in the listed company.
Either way, they probably got the OKs from OSFI before announcement
canader wrote: From BNN:
I am happy, but EQB, and HCG are both doing so without waiting for OSFIs blessing. Hmmm.
While the Office of the Superintendent of Financial Institutions has temporarily banned federally-regulated entities from buying back shares and increasing their dividends, Home Capital spokesperson Jill MacRae explained that the company’s structure gives it the flexibility to proceed with its plan.
“Home Trust is a regulated financial institution, but we are comfortable making purchases with cash from Home Capital Group which does not impact our CET1 level or our normal operations,” she said in an emailed statement.
A spokesperson for OSFI was not immediately available for comment on Home Capital’s share buyback plan, which is the second such announcement in recent days.
CanadianKia wrote: alright, so HCG is finishiing off the BB at a max of $50M...
so sounds like they will issue either a new NCIB in the new year to make up for 2020 or maybe even the dividends.
That being said, they need to have a monumental share buy back if they want to, since the Q4 numbers are bound to be good and the shares will naturally rise. THey need to issue the bb at these lower Share prices we are seeing.
thoughts?