Two leading financial cooperatives sign agreement to share expertise in products and services.
MONTRÉAL and SURREY, B.C., April 5, 2013 /CNW Telbec/ - Desjardins Group, Canada's leading cooperative financial group, and Coast Capital Savings, the largest credit union by membership in the country, have signed a memorandum of understanding regarding principles of cooperation to share expertise in products and services. The announcement was made today during Desjardins Group's Annual General Meetings in Montréal.
The agreement builds on the existing relationship that the two organizations have shared over the last several years and will leverage their respective strengths. In the long term, it will help them to grow, become more competitive and successful.
More specifically, this cooperative agreement will facilitate the sharing of expertise in the core strengths of each organization, including product manufacturing, distribution, strategy development and marketing, for the benefit of each organization's members and clients.
"Intercooperation is a sure-fire way of leveraging strategic development for Desjardins and Coast Capital," explains Monique F. Leroux, Chair of the Board, President and CEO of Desjardins Group. "Coast Capital has been a longstanding partner and trustworthy client for Desjardins on the west coast and we are delighted to extend our cooperation to new horizons."
"As one of the fastest growing credit unions in the country, we are a strong supporter of a greater dialogue among Canadian financial cooperatives," said Tracy Redies, CEO of Coast Capital Savings. "We are convinced that we need to build more joint initiatives in order to continue delivering exciting and innovative products to Canadians."
Desjardins, one of the most diversified financial institutions in Canada, is a leading provider of a wide array of financial products and services, including many offered on a white label basis to several credit unions. Coast Capital became the first credit union in Canada to surpass the milestone of 500,000 members in 2012, and is a recognized leader in product innovation and brand development.
"Our strategy is to build much closer ties with our cooperative partners across the country," added Desjardins' Executive Vice-President Strategic Partnerships, Christiane Bergevin. "We truly believe in building a stronger cooperative movement from coast to coast."
"Our goal is to bring more innovative and helpful products and services to our members, and we're excited about the opportunities this enhanced relationship will present," Redies added. "We also all benefit from a strong and diverse credit union sector and partnerships like this one will serve to strengthen it."
About Coast Capital Savings
Coast Capital Savings Credit Union is Canada's largest credit union by membership with total assets under administration of $14.6 billion, 504,000 members and 50 branches in the Metro Vancouver, Fraser Valley, and Vancouver Island regions of British Columbia. Product innovations include Canada's first free chequing account from a full-service financial institution and the country's most flexible mortgage product, the You're the Boss™ Mortgage, which was named 2010 Mortgage of the Year by canadianmortgagetrends.com. Coast Capital offers one of Canada's 10 Most Admired Corporate Cultures™. It is a member of Canada's Best Managed Companies Platinum Club and an Imagine Canada Caring Company. To learn more, visit www.coastcapitalsavings.com.
About Desjardins Group
Desjardins Group is the leading cooperative financial group in Canada with assets of nearly $200 billion. Drawing on the strength of its caisse network in Québec and Ontario and its subsidiaries across Canada, it offers a full range of financial products and services to its members and clients. Desjardins specializes in Wealth Management and Life and Health Insurance, in Property and Casualty Insurance, in Personal Services, in Business and Institutional Services. Best Corporate Citizen in Canada for 2012 and among Canada's Top 100 Employers, Desjardins is supported by the skills of its 44,942 employees and the commitment of 5,268 elected officers. Desjardins members and the general public are invited to visit Desjardins Group's education and cooperation program website at www.desjardins.com/co-opme.
SOURCE: DESJARDINS GROUP
Information (for journalists only):
Desjardins Group
Nathalie Genest, Spokesperson
Media Relations
514-281-7275 or 1 866-866-7000, ext.7275
[email protected]
Coast Capital Savings
Divine Agodzo, Manager
Media Relations
604-517-7549
[email protected]
On April 5 :
Press room at the Palais des congrès de Montréal
514-789-3428
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