Desjardins Financial Corp. Inc., a subsidiary of Quebec financial co-operative Desjardins Group, has completed the previously announced purchase of 40% of the outstanding shares of Vancouver-based Qtrade Financial Group.
“This deal will be beneficial to Qtrade clients and the co-operative movement across Canada,” said Monique Leroux, Desjardins Group chairwoman, president and CEO.
“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,” said Scott Gibner, CEO, Qtrade.
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.
Qtrade’s CEO Scott Gibner, COO Joe Perrin, Launi Skinner, CEO of First West Credit Union, Brent Zorgdrager, CEO of Mennonite Savings and Credit Union, and John Sibley, executive vice president, Uranium One, will continue to serve on the Qtrade board. Sibley will also act as co-chair.
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.
Desjardins Group is the leading co-operative financial group in Canada with assets of nearly $200 billion.