Mouvement Desjardins
Encyclopedia
The Desjardins Group is the largest association of credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...

s in North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...

. It was founded in 1900 in Lévis
Lévis, Quebec
Lévis is a city in eastern Quebec, Canada. It is located on the south shore of the St. Lawrence River, opposite Quebec City. A ferry links Old Quebec with Old Lévis, and two bridges, the Quebec Bridge and the Pierre Laporte Bridge, connect western Lévis with Quebec City. The Société de transport de...

, Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....

 by Alphonse Desjardins
Alphonse Desjardins (co-operator)
Gabriel-Alphonse Desjardins , born in Lévis, Quebec, was the co-founder of the Caisses Populaires Desjardins , a forerunner of North American credit unions and community banks.- Early life :...

.

Located mostly in Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....

 as well as in Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....

, Manitoba
Manitoba
Manitoba is a Canadian prairie province with an area of . The province has over 110,000 lakes and has a largely continental climate because of its flat topography. Agriculture, mostly concentrated in the fertile southern and western parts of the province, is vital to the province's economy; other...

, and New Brunswick
New Brunswick
New Brunswick is one of Canada's three Maritime provinces and is the only province in the federation that is constitutionally bilingual . The provincial capital is Fredericton and Saint John is the most populous city. Greater Moncton is the largest Census Metropolitan Area...

, it is composed of 536 local caisses populaires, which serve 5.8 million members. The entire system is grouped into 11 regional federations.

Between 2008 and 2010 total assets at Desjardins Group grew over 15% from $151.9 billion CAD
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...

 (when it ranked sixth in Canada and first in Quebec among financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...

s ahead of the National Bank of Canada
National Bank of Canada
National Bank of Canada is the 6th largest bank and 8th largest financial institution in Canada. The bank's headquarters are in Montreal, Quebec....

) to over C$175 billion in 2010. In 2006 it had 6,500 elected and volunteer officers and employed over 40,000 people. In 2006, it gave its members $483 million CAD in patronage allocations and $64 million CAD in donations, sponsorships and academic scholarships. Most of the latter sum was used on regional economic development and health programs as well.

The Desjardins Group has over 20 subsidiaries offering products and services related to insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...

 (Desjardins Financial Security
Desjardins Financial Security
Desjardins Financial Security is the life and health insurance arm of Desjardins Group, the leading financial institution in Quebec and the largest cooperative financial group in Canada....

, Desjardins General Insurance), real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...

 (Place Desjardins), venture capital funds (Desjardins Venture Capital) and brokerage
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...

 (Desjardins Securities). The Desjardins Group, through subsidiary Développement international Desjardins, is also active in over 50 developing countries through technical assistance programs and various investments.

Desjardins Group is currently expanding outside the province of Quebec: in 1992 it opened the Desjardins Bank in Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...

 to cater to southbound Quebecers, particularly snowbirds
Snowbird (people)
The term snowbird is used to describe people from the U.S. Northeast, U.S. Midwest, or Canada who spend a large portion of winter in warmer locales such as California, Arizona, Florida, Texas, the Carolinas, or elsewhere along the Sun Belt region of the southern and southwest United States,...

 and retirees
Retirement
Retirement is the point where a person stops employment completely. A person may also semi-retire by reducing work hours.Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when physical conditions don't allow the person to...

; this latter practice has also been adopted by a number of other Canadian banks. In December 2010 it acquired Western Financial
Bank West
Bank West is a chartered bank that was founded in High River, Alberta in 2002. The bank is wholly owned by Western Financial Group Inc., . Western Financial Group originally focused in insurance consolidation, expanding into banking in 2002. The bank maintains offices in both High River and...

 for C$443 million giving it a presence in British Columbia, Alberta, Saskatchewan and Manitoba. At the time Western Financial had 121 offices and half a million customers.

Desjardins is a member of:
  • Interac
    Interac
    Interac Association is a Canadian organization linking enterprises that have proprietary networks so that they may communicate with each other for the purpose of exchanging electronic financial transactions. The Association was founded in 1984 as a cooperative venture between five financial...

  • NYCE
    NYCE
    The New York Currency Exchange is an interbank network connecting the ATMs of various financial institutions in the United States and Canada. NYCE also serves as an EFTPOS network for NYCE-linked ATM cards....

     ATM Network


and also has its brand of VISA
Visa
Visa or VISA may refer to:* Visa , a document issued by a country's government allowing the holder to enter or to leave that country...

 credit cards.

See also

  • Complexe Desjardins
    Complexe Desjardins
    Complexe Desjardins is a mixed-use office, hotel, and shopping mall complex located in Montreal, Quebec, Canada. The project was designed to develop the eastern end of downtown Montreal, it is located in the quadrilateral formed by Saint Catherine, Saint-Urbain, and Jeanne Mance streets, and René...

  • Desjardins Financial Security
    Desjardins Financial Security
    Desjardins Financial Security is the life and health insurance arm of Desjardins Group, the leading financial institution in Quebec and the largest cooperative financial group in Canada....

  • Credit union
    Credit union
    A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
x
OK