Financial services firm Grey Horse announced it has hired former Home Trust president Nick Kyprianou to lead a new alternative residential mortgage lending operation through its subsidiary, Equity Transfer and Trust Company (ETT).
Kyprianou - who left Home Trust after 17 years at the end of December - will join the company on February 1 as president of mortgage operations and lead an initiative for ETT to become a deposit-taking institution and mortgage lender. He is also investing $1 million in Grey Horse Corporation common shares.
"This initiative fits with our strategic direction by expanding the scope of ETT's trust business, generating new revenue stream for the Corporation and further diversifying Grey Horse's activities in the financial services sector," said Grey Horse president and CEO Paul G. Smith. "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."
Once it gains approval to become a deposit-taking institution, ETT said it plans to partner with mortgage brokers for originations and use deposit brokers and financial planners to generate deposits.