Desjardins acquires 40% of Qtrade shares

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. Read: Great-West to acquire Irish Life “This deal will be beneficial to Qtrade clients and the co-operative movement across […]

By Staff | April 3, 2013 | Last updated on April 3, 2013

2 min read

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.

Read: Great-West to acquire Irish Life

“This deal will be beneficial to Qtrade clients and the co-operative movement across Canada,” says Monique F. Leroux, group chair of the board, president and CEO, Desjardins. “We now look forward to working with Qtrade, and being part of its continued growth and success.”

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.

Read: Asset International acquires Investor Economics

“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,” says Scott Gibner, CEO, Qtrade Financial Group. “We are looking forward to expanding the work we have done to accelerate the success of Canadian credit unions in wealth management.”

The transaction means a larger range of products for investors as credit unions continue to grow and expand, says Byren Innes, senior vice president and director of New Link Group.

“Q-Trade has come a long way in recent years and is doing an excellent job in offering both investments and insurance with and through credit unions,” he says. “Desjardins’ involvement just adds more strength to their offering.”

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.