Desjardins Group announces completion of acquisition of 40 % of shares of Qtrade Financial Group

LÉVIS, QC and VANCOUVER, BC, April 3, 2013 /CNW Telbec/ - Pursuant to a previously announced plan of arrangement, Desjardins Financial Corporation Inc., a subsidiary of Desjardins Group, has completed the purchase of 40 % of Qtrade Financial Group's outstanding shares on a fully diluted basis. All the requisite approvals have been obtained for this transaction.

"We are extremely satisfied that the transaction was approved and is now complete. This deal will be beneficial to Qtrade clients and the co-operative movement across Canada," said Desjardins Group Chair of the Board, President and CEO, Monique F. Leroux. "We now look forward to working with Qtrade, and being part of its continued growth and success."

"We very much appreciate the tremendous support we have received from our current partners and others in the credit union community regarding our partnership with Desjardins," commented Scott Gibner, CEO, Qtrade Financial Group. "Now that the deal is closed, we are looking forward to expanding the work we have done to accelerate the success of Canadian credit unions in wealth management."

Three Desjardins representatives will join Qtrade's board of Directors: Bill Packham, executive managing director of Wealth Management and Life and Health Insurance  as co-chair; Christiane Bergevin, executive vice-president of Strategic Partnerships; and Vincent Hogue, senior vice-president and head of Private Client Services. The following existing Qtrade board members will continue to serve: John Sibley, executive vice-president, Uranium One, will also act as co-chair; Qtrade's CEO Scott Gibner and COO Joe Perrin; Launi Skinner, CEO of First West Credit Union; and Brent Zorgdrager, CEO of Mennonite Savings and Credit Union.

Headquartered in Vancouver, Qtrade will continue to operate independently with its current leadership and under its own brand name. Desjardins will have the right to acquire the majority of the remaining Qtrade shares over the next six years.

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 financial education and cooperation program website at www.desjardins.com/coopme.

About Qtrade Financial Group

Qtrade Financial Group provides comprehensive brokerage and wealth management platforms, services and solutions to the retail public as well as the customers of hundreds of financial institutions across Canada. Since 1999, Qtrade has been dedicated to providing its financial institution partners with a single source for market-leading wealth management products and services including: online, full-service and institutional brokerage services, mutual fund dealer services, insurance dealer services, portfolio management and discretionary money management services and diversified managed portfolios.  For more information, visit www.qtrade.ca.

SOURCE: Desjardins Group

Information (for journalists only) :

André Chapleau
Desjardins Group Media Relations
514 281-7229
1 866 866-7000, ext. 7229
[email protected] 

Ron Cann
Vice President, Marketing & Communications
Qtrade Financial Group
778 331-2056
[email protected]