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Desjardins Group

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Canada's largest cooperative financial group, providing banking, insurance, investment, and related financial services through member-owned caisses populaires and serving consumers, businesses, institutions and communities.

Last updated November 4, 2026

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Overview

Desjardins Group, also known in French as Mouvement Desjardins, is a Canadian financial-services cooperative and the largest federation of credit unions in North America. It was established on December 6, 1900, in Lévis, Quebec, by Alphonse Desjardins, who sought to adapt European cooperative-credit principles to the financial needs of North American communities. The organization developed through a network of locally rooted caisses populaires, or credit unions, whose members participate in the cooperative structure rather than holding publicly traded shares. The group combines retail and commercial banking with insurance, investment management, securities brokerage, real-estate services, venture capital, and international development work. Its banking activities include deposit accounts, payment services, mortgages, personal and commercial loans, credit cards, and digital banking through the AccèsD platform. Its insurance operations include property, casualty, life, health, and related coverage. Desjardins Securities provides investment-dealer and capital-markets services, while other subsidiaries and affiliated businesses have operated in areas such as online real-estate brokerage, office property, venture capital, and international cooperative-finance assistance. Desjardins is concentrated in Quebec and Ontario but has also expanded its insurance and financial-services presence across western Canada. Its 2010 acquisition of Western Financial Group added offices and customers in British Columbia, Alberta, Saskatchewan, and Manitoba. The group later acquired the Canadian operations of State Farm in 2014, with policies transferred to Desjardins Insurance beginning in 2015. The State Farm Canada business was progressively rebranded and the transition to Desjardins Insurance was completed during the late 2010s. The organization has periodically consolidated its local credit-union structure. In the late 1990s, the number of caisses was reduced substantially as the movement sought greater operational coordination and scale. Desjardins also acquired the former Province of Ontario Savings Office in 2003, operating it as Desjardins Credit Union until its eventual merger into Meridian Credit Union in 2011. A separate Ontario Desjardins credit-union consolidation created Desjardins Ontario Credit Union in 2020. Desjardins' cooperative identity is reflected in elected governance, member participation, community contributions, and regional economic-development programs. In 2008, Monique Leroux became the first woman to lead the group, a milestone widely noted in Canadian business history. The group has nevertheless faced significant reputational and operational challenges, most notably a 2019 data breach in which personal information relating to millions of individuals and businesses was accessed by a former employee. Desjardins reported the incident, cooperated with law-enforcement authorities, and undertook remedial measures. Today, Desjardins remains an active, diversified financial cooperative headquartered legally in Lévis, with major executive operations in Montreal. Its brand promise is built around member ownership, community presence, financial security, and the ability to combine local credit-union relationships with the product breadth and technology of a national financial group. Fédération des caisses Desjardins du Québec is the central federation of the Desjardins cooperative financial network, commonly marketed as Desjardins Group. It is rooted in the caisse populaire movement established in Lévis, Quebec, in 1900 by Alphonse Desjardins and Dorimène Desjardins. The founders created a cooperative savings and lending institution intended to make affordable financial services available to working people and local communities. That original institution became the first caisse populaire and provided the organizational model for a large network of member-owned caisses. Rather than being a conventional shareholder-owned bank, Desjardins is structured as a cooperative federation. Local caisses are owned by their members, while the federation supplies shared infrastructure, treasury, technology, risk management, investment banking, insurance, wealth-management and other group-level capabilities. The federation also supports the financial strength and coordination of the network. This structure allows Desjardins to combine local relationship banking with centralized services and national-scale operations. The group’s principal market is Quebec, where it has historically been one of the most important financial institutions and a highly visible part of the province’s economic and civic life. It also operates in Ontario and serves customers elsewhere in Canada through selected businesses and channels. Its activities include personal and commercial banking, deposits, payment services, lending, credit cards, mortgages, investment products, wealth management, life and property insurance, securities and institutional financial services. Desjardins also operates specialized entities and business units serving agriculture, enterprises, public institutions and capital markets. The Desjardins brand is associated with cooperative ownership, community presence and financial inclusion, while its modern positioning emphasizes the breadth of a full-service financial group. Local caisse branches remain important for advice and relationship management, but the organization has expanded digital banking, mobile services and centralized platforms in response to changing customer behavior and competition from banks, fintech companies and other cooperative institutions. Desjardins has grown through the consolidation and federation of local caisses, the development of insurance and wealth businesses, and selected acquisitions. A major expansion outside its historic Quebec base followed its acquisition of the Canadian operations of U.S.-based State Farm in 2018, which strengthened Desjardins’s position in property, casualty and life insurance and increased its presence in Ontario and other provinces. The group remains a private cooperative rather than a publicly traded company; its capital and governance are tied to the cooperative network and its members rather than to public equity markets. The organization has also faced challenges typical of a large financial institution. In 2019 it disclosed unauthorized access to personal information affecting millions of members and customers. The incident led to investigations, regulatory scrutiny, credit-monitoring and identity-protection measures, and a prolonged focus on cybersecurity and data governance. Despite that setback, Desjardins remains an active, systemically important Canadian cooperative financial institution and one of the country’s largest non-shareholder-owned financial groups. Desjardins is the consumer-facing brand of Mouvement Desjardins, a large Canadian financial cooperative headquartered in Lévis, Quebec. It operates primarily through caisses populaires and other cooperative entities, serving individuals, households, businesses, institutions, and communities. Unlike a conventional shareholder-owned bank, the organization is rooted in member ownership and cooperative governance, with its institutional history tied to the caisse populaire movement founded by Alphonse Desjardins in Quebec in 1900. The brand's business scope extends well beyond home insurance. Desjardins provides everyday banking, deposits, chequing and savings accounts, credit cards, personal loans, lines of credit, mortgages, investment products, brokerage and wealth-management services, and insurance. Its insurance activities include home, tenant, condominium, automobile, travel, life, health, and business coverage, subject to product availability and distribution arrangements. The official website presents these services as an integrated set of financial solutions for personal and commercial customers. Desjardins has historically emphasized accessibility, local presence, cooperative ownership, and the circulation of financial benefits within member communities. Its caisse network gives the organization a regional and community-oriented identity, while centralized group operations support technology, risk management, insurance, investment, and national-scale financial services. Quebec remains its principal market and cultural base, although Desjardins also serves customers elsewhere in Canada. The brand is especially associated with Quebec's cooperative financial sector and is one of the country's best-known financial institutions. Its positioning combines the breadth of a diversified financial group with the member relationship and local orientation of a cooperative. In practical terms, customers may encounter Desjardins as a banking provider, mortgage lender, insurer, investment institution, employer, community investor, or business-financing partner. Desjardins is active in the home-insurance category through coverage designed for homeowners, tenants, condominium owners, and related residential risks. Home-insurance offerings generally address property damage and liability exposures, with the exact protections, exclusions, deductibles, and optional endorsements determined by the applicable policy. Because Desjardins operates across multiple financial categories, its home-insurance proposition can be connected with other household services such as mortgages, banking, and automobile insurance. The available reference material supports identifying Desjardins as an active Canadian financial-services brand with a broad portfolio rather than a narrowly specialized home-insurance label. Detailed current information about individual products, leadership, campaigns, financial performance, and corporate events should be verified against official corporate disclosures and authoritative historical sources.

History

Desjardins Group began on December 6, 1900, in Lévis, Quebec, when Alphonse Desjardins founded a caisse populaire designed to provide accessible savings and credit to people underserved by conventional financial institutions. Desjardins had studied European cooperative-credit models and developed an approach suited to North American conditions. The central idea was that members would pool savings, borrow within a locally accountable institution, and participate in its governance. The model spread across Quebec and became the foundation of the modern Mouvement Desjardins. For much of its development, Desjardins was a federation of local caisses rather than a conventional national bank. This structure gave the movement a strong regional identity and a close relationship with households, farmers, small businesses, and local communities. Over time, the organization added centralized functions and specialized subsidiaries so that the cooperative network could offer services comparable to those of large commercial financial institutions. These services expanded from deposits and lending into insurance, securities, investment management, payments, real estate, and international development. The movement underwent substantial consolidation in the late 1990s. The number of caisses declined from roughly 1,275 to about 800 as the organization sought to coordinate operations and achieve greater scale while retaining its cooperative governance. Desjardins subsequently broadened its presence outside Quebec. In 2003, it acquired the former Province of Ontario Savings Office and operated it as Desjardins Credit Union. That business later merged into Meridian Credit Union in 2011. A separate consolidation of Ontario Desjardins-affiliated credit unions produced Desjardins Ontario Credit Union in 2020. Desjardins also expanded through insurance and western-Canadian acquisitions. In December 2010, it acquired Western Financial Group, gaining a network of offices and customers in British Columbia, Alberta, Saskatchewan, and Manitoba. The organization later sold the pet-insurance company Western Financial Insurance Company, including the Petsecure brand, to Economical Mutual Insurance Company in 2017. In the same year, Trimont Financial completed the purchase of the remaining Western Financial Group operations, including brokerage, insurance-solutions, and life-assurance businesses. A major strategic step came in 2014, when Desjardins acquired State Farm's Canadian operations. The policies moved to Desjardins Insurance underwriting in January 2015. State Farm continued to appear in some agent and marketing contexts during the transition, but the business was progressively rebranded and the State Farm Canada transition was completed under the Desjardins Insurance identity by the end of 2019. Leadership has included prominent figures in Canadian finance and cooperative banking. Monique Leroux became president and chief executive officer in 2008, becoming the first woman to lead Desjardins and, at the time, the largest Canadian company headed by a woman. The group's legal headquarters remain in Lévis, while much of its executive management is based in Montreal. Desjardins' scale grew alongside its service diversification. Reference material records more than seven million members and clients, hundreds of local credit unions, and more than one thousand service points in 2017, with most activity in Quebec and Ontario. The organization has also maintained a community and international-development role through donations, sponsorships, scholarships, and Développement international Desjardins, which provides technical assistance and investment activity in developing countries. The most serious recent reputational event was the 2019 data breach. Desjardins reported that a former employee had improperly accessed and copied customer data over time. The incident affected information relating to approximately 4.3 million individuals and 173,000 businesses. It prompted investigations, customer-protection measures, and wider scrutiny of information security at financial institutions. In 2020, the group launched Aequitas, a social-impact fund focused on women and young people in developing countries. Desjardins remains an active cooperative financial group with banking, insurance, investment, and related businesses across Canada. The history of Desjardins begins with the social and economic conditions of late-nineteenth-century Quebec. Many households had limited access to formal banking, and small borrowers could be exposed to expensive informal credit. Alphonse Desjardins, a parliamentary stenographer and journalist, studied European cooperative savings models and, with the support of his wife Dorimène Desjardins, organized a local alternative based on member savings and democratic participation. The first caisse populaire was established in Lévis, Quebec, in December 1900. Its purpose was not simply to collect deposits but to give ordinary members access to reasonably priced credit and a mechanism for collective savings. The institution became the foundation of a broader movement. New caisses were subsequently created in Quebec and elsewhere, generally serving a defined locality and relying on member participation. Dorimène Desjardins played a substantial operational and organizational role in the early development of the movement, especially after Alphonse’s death. During the twentieth century, the caisse network expanded from a local experiment into a coordinated cooperative financial system. The creation and development of federating structures enabled the caisses to share liquidity, expertise, technology, administration and risk-management functions while retaining local identities and member relationships. The Fédération des caisses Desjardins du Québec became the principal central institution for the Quebec network and, over time, the Desjardins name came to represent the wider group. Desjardins gradually broadened beyond basic savings and lending. It developed or integrated insurance, investment, wealth-management, payment, securities and institutional businesses. These additions allowed the group to offer a more complete range of services and compete with Canada's large commercial banks while maintaining its cooperative ownership model. The organization also consolidated parts of the caisse network and invested heavily in electronic and digital banking infrastructure. In the 2000s and 2010s, Desjardins pursued a more national strategy. Leadership under Alban D'Amours, Monique F. Leroux and later Guy Cormier emphasized modernization, scale, business diversification and expansion beyond Quebec. A major step was the 2018 purchase of State Farm’s Canadian operations. The transaction added insurance customers, agents and distribution capabilities and materially increased Desjardins’s presence in Ontario and other provinces. The group’s expansion was accompanied by the challenges of operating a large, data-intensive financial institution. In 2019, Desjardins reported that a former employee had improperly accessed personal data associated with millions of members and customers. The event led to extensive public criticism, regulatory attention, member-support measures and investments in information security. It remains one of the most significant controversies in the organization’s modern history. Today, Desjardins operates as a cooperative financial group centered on the Fédération des caisses Desjardins du Québec and its network of member-owned caisses. Its activities span retail and commercial banking, insurance, wealth management, capital markets and institutional services. The group continues to balance the historic caisse model—local ownership, community ties and member participation—with centralized systems, digital channels, national competition and the regulatory expectations applied to major Canadian financial institutions. Desjardins traces its origins to the caisse populaire movement established in Quebec by Alphonse Desjardins. In 1900, the first caisse populaire was created in Lévis, responding to concerns that ordinary households lacked affordable and accessible credit. The cooperative model was intended to pool members' savings and make financing available within the community, rather than relying solely on conventional commercial lenders. During the twentieth century, the caisse network expanded across Quebec and became an important part of the province's social and economic infrastructure. Local caisses were organized around member participation and cooperative principles. Over time, the movement developed shared institutions and federated capabilities so that local organizations could provide increasingly sophisticated services while retaining a community-based identity. The organization gradually broadened from deposit-taking and personal lending into a diversified financial group. Banking services expanded to include payment products, mortgages, credit cards, consumer credit, business finance, and investment services. Insurance became another major activity, allowing the Desjardins brand to serve a wider range of household and commercial needs. This diversification made the group a full-service financial institution rather than solely a network of local savings cooperatives. Desjardins' modern identity reflects the combination of cooperative roots and centralized financial operations. The group supports local caisse distribution while operating specialized capabilities in insurance, wealth management, technology, risk management, and commercial finance. Its customer base includes individuals and families, small and medium-sized enterprises, larger organizations, and institutional clients. Quebec remains the central market, with services also available in other parts of Canada. The brand's insurance business includes residential products such as homeowners, tenant, and condominium coverage, as well as automobile, life, health, travel, and business insurance. Its broader financial offering includes everyday accounts, borrowing, mortgages, credit cards, savings, investments, and advisory services. The official consumer website presents these offerings as a connected range of solutions adapted to personal financial needs. Throughout its development, Desjardins has retained a cooperative and community-oriented positioning. Member ownership distinguishes it from publicly traded banks, while its scale enables it to compete across many of the same categories as large national financial institutions. The resulting brand combines local access through caisses with the capabilities of a large, integrated financial group. The supplied reference material does not provide a detailed chronology of later acquisitions, leadership changes, campaigns, controversies, or financial results. Those subjects are therefore not expanded here without additional authoritative source material. Leadership has included prominent figures in Canadian finance and cooperative banking. Alban D'Amours began his tenure as president and chief executive officer in 2000 during a period of modernization and institutional consolidation. Monique Leroux became president and chief executive officer in 2008, becoming the first woman to lead Desjardins and, at the time, the largest Canadian company headed by a woman. Guy Cormier became president and chief executive officer in 2016, succeeding Monique F. Leroux. The group's legal headquarters remain in Lévis, while much of its executive management is based in Montreal.

  • 2020

    Desjardins Ontario Credit Union formed

    [1]

    Eleven Ontario Desjardins-affiliated credit unions and their federation were consolidated into Desjardins Ontario Credit Union.

  • 2020

    Aequitas social-impact fund launched

    [1]

    Desjardins launched Aequitas to support women and young people in developing countries through social-impact investment.

  • 2019

    Large customer-data breach disclosed

    [1]

    The group reported unauthorized access to personal information involving millions of individuals and businesses.

  • 2019

    Personal-information security incident disclosed

    [5]

    Desjardins disclosed unauthorized access to personal information affecting millions of members and customers.

  • 2018

    State Farm Canadian operations acquired

    [6]

    Desjardins completed the acquisition of State Farm's Canadian operations, strengthening its insurance platform and national reach.

  • 2017

    Western Financial businesses divested

    [1]

    Desjardins sold Western Financial Insurance Company and subsequently completed the sale of the remaining Western Financial Group operations.

  • 2016

    Guy Cormier becomes chief executive

    [4]

    Guy Cormier became president and chief executive officer, succeeding Monique F. Leroux.

  • 2015

    State Farm policies move to Desjardins Insurance

    [1]

    Insurance policies from the acquired Canadian business began being underwritten by Desjardins Insurance.

  • 2014

    State Farm Canada acquisition

    [1]

    Desjardins acquired the Canadian operations of State Farm, significantly expanding its insurance platform.

  • 2011

    Desjardins Credit Union merges into Meridian

    [1]

    The former Ontario savings-office business operated as Desjardins Credit Union was merged into Meridian Credit Union.

Products and positioning

A member-owned Canadian cooperative financial group combining community-based credit unions with nationwide banking, insurance, investment, and financial-services capabilities.

  • Banking

    Personal and commercial banking

    Desjardins' core banking activities are delivered through its caisse network and digital channels. They include deposit accounts, payment services, credit cards, mortgages, personal loans, and financing for businesses and organizations. The cooperative model links these services to member ownership and local financial institutions, while centralized capabilities support product development, technology, risk management, and national-scale operations. Desjardins personal banking includes everyday financial products such as transaction accounts, savings products, payment services, credit cards, and digital or caisse-based access. These services are designed for household money management and are commonly combined with borrowing, insurance, and investment products.

  • Digital banking

    AccèsD

    AccèsD is Desjardins' digital banking service and a principal channel for account management, payments, transfers, and other everyday financial activities. It complements the group's branch and caisse network by giving members and clients remote access to their banking relationship.

  • Property and casualty insurance · 2015

    Desjardins Insurance

    Desjardins Insurance is the group's principal consumer insurance brand. It covers insurance activities that expanded significantly after the acquisition and integration of State Farm's Canadian operations. The brand serves Canadian customers through agent and other distribution channels and forms part of Desjardins' broader property, casualty, life, and health-insurance platform. Desjardins General Insurance provides property and casualty insurance as part of the group's integrated insurance operations. Its activities complement the group's banking and wealth offerings and include coverage distributed through Desjardins' Canadian insurance network. The insurance business offers property and casualty, automobile, home, life and related protection products through direct, branch and agent channels. The 2018 acquisition of State Farm's Canadian operations significantly expanded this platform. The insurance business offers property and casualty, automobile, home, life and related protection products through direct, branch and agent channels. The 2018 acquisition of State Farm’s Canadian operations significantly expanded this platform.

  • Life and health insurance

    Desjardins Financial Security

    Desjardins Financial Security is the group's life and health-insurance business. It supports individual, group, and financial-protection needs within Desjardins' wider cooperative financial-services model.

  • Securities and capital markets

    Desjardins Securities

    Desjardins Securities is the group's investment-dealer and capital-markets business. It provides securities-related services and supports institutional, corporate, and investment activities within the diversified Desjardins group.

  • Online brokerage

    Desjardins Online Brokerage

    Desjardins Online Brokerage provides self-directed investment and securities-trading services through a digital platform. It extends the group's investment offering to clients who manage portfolios and transactions directly rather than through a fully advised relationship.

  • International development

    Développement international Desjardins

    Développement international Desjardins operates internationally through technical assistance programs and investments supporting cooperative finance and economic development. Its activities have extended to more than 30 developing countries, linking Desjardins' cooperative expertise with development initiatives.

  • Retail banking · 1900

    Caisse populaire and personal banking

    Desjardins caisses provide deposit accounts, everyday banking, savings, consumer credit, mortgages, payment services and financial advice. The caisse model combines local member relationships with group-wide technology and product platforms.

  • Commercial banking

    Commercial and institutional banking

    Commercial and institutional activities serve small businesses, corporations, public bodies, cooperatives and other organizations. Services include credit, cash management, treasury, payments, financing and specialized advisory capabilities.

  • Investment and wealth management

    Wealth Management and investments

    Desjardins provides investment, retirement, portfolio-management and advisory services to individuals, businesses and institutions. The offering includes savings and investment products distributed through the caisse network and specialized wealth businesses. Desjardins provides savings and investment solutions for personal and wealth-management customers. The range may include registered and non-registered savings or investment products, advisory services, and portfolio-related solutions, depending on the customer segment and distribution channel.

  • Digital financial services · 1996

    AccèsD and digital banking

    AccèsD is the group’s digital banking environment for account management, transfers, bill payments, deposits and other everyday services. It extends the caisse relationship through web and mobile channels.

  • Property insurance

    Home insurance

    Desjardins offers residential insurance for eligible homeowners and related household situations. The category can include protection for the dwelling, personal property, additional living expenses, and personal liability, with coverage, exclusions, limits, deductibles, and optional endorsements governed by the applicable policy. The brand also presents related tenant and condominium insurance solutions.

  • Lending

    Mortgages and personal credit

    The group provides residential mortgages and other forms of personal borrowing, including loans and lines of credit. These offerings support home purchase, refinancing, major expenditures, and liquidity needs, with terms and approval conditions determined by the relevant product and applicant profile.

  • Commercial finance

    Business financial services

    Desjardins serves businesses and organizations with commercial banking, financing, cash-management, investment, and insurance services. The offering extends the cooperative group's household financial relationship into small-business, commercial, institutional, and organizational banking needs.

Controversies

  • 2021

    Desjardins agrees to settle data-breach class action

    Desjardins Group agreed to pay up to nearly $201 million to settle a class-action lawsuit related to a 2019 data breach affecting nearly 9.7 million Canadians. The agreement is subject to approval by the Quebec Superior Court.

    Source

  • 2019

    Desjardins customer-data breach

    Desjardins disclosed unauthorized access to personal information relating to approximately 4.3 million individual users and 173,000 businesses. The organization said the breach was detected in December 2018 and resulted from a disgruntled corporate employee who accessed and copied customer data over time rather than from a direct external cyberattack. A police investigation was reported as ongoing. Desjardins notified affected individuals, offered credit-monitoring, identity-protection and cybersecurity-response measures, cooperated with authorities and committed to strengthening information-security controls. The incident generated regulatory and public scrutiny of privacy governance and cybersecurity practices at the cooperative financial group.

    Source

  • 2019

    Unauthorized access to member and customer data

    Desjardins disclosed that a former employee had improperly accessed personal information associated with millions of members and customers. The incident generated regulatory and public scrutiny and led to notification, credit-monitoring, identity-protection and cybersecurity-response measures.

    Source

  • 2019

    Desjardins discloses expanded data breach scope

    Desjardins Group announced that an earlier data breach affected 4.2 million members, a larger scope than previously believed. The organization also stated that the breach affected banking members in Quebec and Ontario. The disclosure expanded the known impact of the incident beyond earlier estimates.

    Source

  • 2019

    Desjardins says breach may affect 1.8 million more credit-card holders

    Desjardins disclosed that personal information belonging to about 1.8 million credit-card holders who were not members may have been compromised in the breach. The company said the information was not stolen or found with third parties, and that payment-card data and credentials were not compromised.

    Source

  • 2019

    Desjardins CEO defends bank after data breach

    Desjardins Group President and CEO Guy Cormier defended the bank before Quebec legislators following the theft of client data by an employee. He said the company had fired the employee and developed new protections.

    Source

Read more

Marketing campaigns

  • 2020Aequitas social-impact fund

    Developing countries

    Desjardins launched Aequitas as a social-impact investment initiative focused on women and young people in developing countries. The fund was presented as an extension of the group's international development and cooperative-finance mission. It was described as having potential to grow to C$115 million, although the supplied material does not establish its final size or measured results.

    Outcome. Launched as an ongoing social-impact fund; later scale and outcomes are not specified in the supplied material.

    Source

Brand decisions

  • 2020

    Create Aequitas social-impact fundStrategy

    Background

    Desjardins sought to extend its cooperative and international-development mission through a dedicated social-impact investment vehicle.

    Action taken

    The group launched Aequitas to support women and young people in developing countries.

    Aftermath

    The fund was described as having potential to grow to C$115 million, although the supplied material does not establish its final size or measured results.

    Source

  • 2019

    Post-incident cybersecurity and privacy responseStrategy

    Background

    Unauthorized access to personal information exposed weaknesses in data-access controls and created significant member and public concern.

    Action taken

    Desjardins notified affected individuals, offered support and protection measures, cooperated with authorities and committed to strengthening information-security controls.

    Aftermath

    The incident led to continuing scrutiny of privacy governance and cybersecurity practices at the cooperative financial group.

    Source

  • 2018

    Acquisition of State Farm’s Canadian operationsM&A

    Background

    Desjardins sought to expand its insurance scale and geographic presence beyond its historic Quebec base.

    Action taken

    It completed the acquisition of State Farm’s Canadian property, casualty and life-insurance operations and related distribution capabilities.

    Aftermath

    The transaction broadened Desjardins’s customer base and strengthened its presence in Ontario and other Canadian markets.

    Source

  • 2017

    Divest Western Financial Group businessesM&A

    Background

    Desjardins reorganized its western insurance portfolio after acquiring Western Financial Group and its associated businesses.

    Action taken

    The group sold Western Financial Insurance Company and later sold the remaining Western Financial Group operations to Trimont Financial, a Wawanesa Mutual Insurance Company subsidiary.

    Aftermath

    The divestitures transferred Western Financial's brokerage network, insurance-solutions, life-assurance, and pet-insurance activities to new owners.

    Purchase price for remaining Western Financial Group businesses. C$775 million (July 2017)

    Source

  • 2014

    Acquire State Farm's Canadian operationsM&A

    Background

    Desjardins sought to expand its insurance operations and national reach through the purchase of the Canadian business of U.S.-based State Farm.

    Action taken

    Desjardins acquired State Farm's Canadian operations. The related policies were transferred to Desjardins Insurance underwriting beginning January 1, 2015.

    Aftermath

    State Farm continued to be used in some agent and marketing contexts during the transition, before the Canadian business was progressively rebranded as Desjardins Insurance by the end of 2019.

    Source

  • 2010

    Acquire Western Financial GroupM&A

    Background

    Desjardins aimed to broaden its insurance and financial-services presence outside its traditional Quebec and Ontario base.

    Action taken

    The group acquired Western Financial Group, including its western-Canadian network and related businesses.

    Aftermath

    The acquisition gave Desjardins a presence in British Columbia, Alberta, Saskatchewan, and Manitoba. Several Western Financial businesses were later sold in 2017.

    Acquisition price. C$443 million (December 2010)

    Source

Recent events

  • Reported

    Desjardins to acquire Bennington Financial[12]

    Equitable Bank announced a definitive agreement for Desjardins Group to acquire 100% of Bennington Financial Corp.'s shares. The transaction is expected to close in the first half of 2027, subject to customary closing conditions.

  • Reported

    Desjardins agrees to settle data-breach class action[9]

    Desjardins Group agreed to pay up to nearly $201 million to settle a class-action lawsuit related to a 2019 data breach affecting nearly 9.7 million Canadians. The agreement is subject to approval by the Quebec Superior Court.

  • Reported

    Desjardins launches Omni mobile app[13]

    Desjardins announced the launch of its Omni mobile app for iOS and Android, giving employees access to retirement savings plans, group benefits, health claims, and other resources.

  • Reported

    Desjardins agrees to acquire real estate holding from Purplebricks[14]

    Desjardins Group struck a deal to acquire a real estate holding and associated ventures from Purplebricks Group plc for around $60.5 million. Desjardins agreed to retain the holding companies’ employees and honour existing contracts.

  • Reported

    Desjardins agrees to acquire Purplebricks Canada and DuProprio[15]

    Desjardins Group said it had reached a $60.5-million agreement to acquire Purplebricks Canada's and DuProprio's Canadian holding company and the two real-estate brands from Purplebricks Group plc.'s holding company. The article says the deal takes effect on Wednesday.

    Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.

  • Reported

    Fundica partners with Desjardins to broaden funding access[16]

    Fundica announced a partnership with Desjardins Group to help match businesses across Canada with relevant government funding information.

  • Reported

    Desjardins says breach may affect 1.8 million more credit-card holders[10]

    Desjardins disclosed that personal information belonging to about 1.8 million credit-card holders who were not members may have been compromised in the breach. The company said the information was not stolen or found with third parties, and that payment-card data and credentials were not compromised.

  • Reported

    Desjardins CEO defends bank after data breach[11]

    Desjardins Group President and CEO Guy Cormier defended the bank before Quebec legislators following the theft of client data by an employee. He said the company had fired the employee and developed new protections.

  • Reported

    Desjardins discloses expanded data breach scope[8]

    Desjardins announced that an earlier data breach affected 4.2 million members, a larger scope than previously believed. It also said the breach affected banking members in Quebec and Ontario.

Read more

Sources20 sources

  1. 1Desjardins Groupen.wikipedia.org
  2. 2Desjardins Group official websitedesjardins.com
  3. 3Desjardins historydesjardins.com
  4. 4Desjardins leadershipdesjardins.com
  5. 5Personal information security breachdesjardins.com
  6. 6Desjardins completes acquisition of State Farm Canadadesjardins.com
  7. 7https://desjardins.comdesjardins.com
  8. 8Desjardins discloses expanded data breach scopeglobalnews.ca
  9. 9Desjardins agrees to settle data-breach class actionwinnipegfreepress.com
  10. 10Desjardins says breach may affect 1.8 million more credit-card holdersmontrealgazette.com
  11. 11Desjardins CEO defends bank after data breachglobalnews.ca
  12. 12Desjardins拟收购Bennington Financialprnewswire.com
  13. 13Desjardins 推出 Omni 移动应用iphoneincanada.ca
  14. 14Desjardins同意收购Purplebricks旗下房地产资产indiancooperative.com
  15. 15Desjardins同意收购Purplebricks Canada和DuPropriotoronto.citynews.ca
  16. 16Fundica与Desjardins合作拓展企业融资信息服务prweb.com
  17. 17Canada credit union data breach bigger than first thought: Desjardinsthenews.com.pk
  18. 18Desjardins Group data breach hit all 4.2 million members - Quebec finance ministerfinancialpost.com
  19. 19Desjardins reaches $155M proposed settlement in data breach class action - Compliance Weekcomplianceweek.com
  20. 20Jul 2020: Desjardins acquires two real-estate brandswinnipegfreepress.com

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