Desjardins Group, Canada's largest cooperative with nearly $200 billion in assets, announced it will purchase up to 40% of outstanding shares of Qtrade Financial Group, an online brokerage platform.
The agreement is between the credit union's subsidiary, Desjardins Financial Corporation Inc., and Qtrade, which has provided brokerage and wealth management platforms, services and solutions to more than 180 credit unions and other financial institutions across Canada since 1999. The firm said it oversees approximately $7.5 billion of client assets.
The Vancouver-based Desjardins said it will initially purchase between 25% and 40% of the outstanding shares of Qtrade from current security holders and has the right to buy the remaining shares over the next six years.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
