Duncan Hannay has been appointed president and CEO of Toronto-based retail mortgage lender Street Capital Group Inc. and its operating subsidiary, Street Capital Bank of Canada, the firm announced Thursday.
Hannay will step into the new role Sept. 1, replacing CEO Ed Gettings, who will remain on the firm’s board of directors, and Lazaro DaRocha, the previous president of Street Capital Group, who announced his retirement in March. The two executives, along with Street Capital Group vice chairman Paul Grewal, founded the publicly traded firm as Street Capital Financial Corp. in 2007.
“Duncan has significant experience and a proven track record in the global financial services sector and we are excited to welcome him to Street Capital,” says Allan Silber, chairman of Street Capital Group, in a statement. “His innovative approach and progressive leadership style comes at a perfect time in our history, as we look to grow and diversify the bank.”
Hannay has been serving as acting chief operating officer of U.K.-based Finastra, a role he assumed following the merger of fintech firms D+H and Misys earlier this year. Prior to the merger, Duncan was president of global lending solutions at D+H, at which he was responsible for the firm’s lending software business globally.
Prior to joining D+H, Duncan was senior vice president and head of marketing at the Bank of Nova Scotia. He was also managing director and head of online brokerage at Scotiabank, a position he held after the bank’s acquisition of E*Trade Canada Securities, at which he had been president and CEO.
Street Capital Bank, which began operations as a Schedule I bank in February, sources its mortgage products primarily through a network of independent mortgage brokers across Canada. It offers a line-up of high ratio and conventional mortgages to borrowers and either sells the mortgages it underwrites to other financial firms or holds them on its balance sheet. Street Capital Bank lends in all provinces, except Quebec, and has offices in Ontario, Alberta and British Columbia.
“There is a meaningful market opportunity for this business in Canada and we look forward to better serving our customers by delivering complimentary products and services, through innovative and evolving technology platforms,” Hannay says in a statement. “Street Capital Bank is uniquely poised for growth in the years to come and I look forward to defining the growth strategy with the board and executing on the vision with this very capable team.”
In 2011, Counsel Corp. acquired Street Capital Financial Corp., with Street Capital’s senior management team remaining with the firm. In 2015, Counsel Corp. changed its name to Street Capital Group after a re-organization.
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