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CHIP Receives Go Ahead to Launch HomEquity Bank

HomEquity Bank Launches

Toronto, Ontario – October 13, 2009: Strategic Information Technology Limited (“SIT”) is pleased to announce that CHIP Home Income Plan (CHIP) has received its Letters Patent and Order to Commence as a federally regulated Schedule I bank.

"We're elated that CHIP has received OSFI approval to launch HomEquity Bank", said G. Robert Leeming, President of SIT. "CHIP has earned their success through innovation and we believe access to retail deposits through deposit brokers will help ensure a great future for HomEquity Bank."

CHIP became an SIT customer in March of 2009.

Portfolio Plus enables banks, trust companies, virtual banks, credit unions, and other financial organizations to implement their own flavour of banking to capture the best possible market advantage. Portfolio Plus, with its Plug-In BankingTM architecture, enables financial organizations to add functionality as they require it, making it one of the most versatile solutions in the market.

About CHIP Home Income Plan Corporation

The Canadian Home Income Plan Corporation, commonly known as CHIP, has been Canada's leading provider of reverse mortgages for over twenty years. Founded in Vancouver, CHIP is Canada’s only national financial services company exclusively dedicated to helping homeowners age 60 or older turn the equity they have built up in their homes into tax-free cash. CHIP Home Income Plan is a wholly owned subsidiary of Home Equity Income Trust. As of December 31, 2008, CHIP has originated approximately 7,000 reverse mortgages with an accrued value of $814 million, secured by residential properties across Canada worth approximately of $2.3 billion. CHIP (www.chip.ca), has been the main underwriter of reverse mortgages in Canada since pioneering the concept in 1986.

About Strategic Information Technology Limited

SIT, formed in 1988, develops and markets Portfolio Plus, an extensible banking system that enables customers to plug-in new functionality as required. This is accomplished via SIT's unique Plug-In BankingTM architecture and a Financial Services BusTM that extends Portfolio Plus functionality to other corporate applications. SIT's banking software enables credit unions, banks, trust companies and building societies to offer web banking, loans, loan securitization, investments, term deposits, wealth management, retail, ATM/POS switch interfaces for debit cards, leasing, and credit bureau interfaces. Portfolio Plus can also be tailored, on request, to meet specific customer requirements.

SIT can be reached at (http://www.stratinfotech.com) or by phone at 905-640-0808.

Portfolio Plus, Plug-In Banking and Financial Services Bus are trademarks or registered trademarks of SIT in the U.S., Canada and other countries. Any other trademarks or service marks contained herein are the property of their respective owners.

For more information:
Patrick Lannigan
Strategic Information Technology
Telephone: 905-640-0808 x356
Email: patrickl@stratinfotech.com

 

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This page was created or refreshed on November 10, 2017 @ 13:55:47
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
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