Desjardins Closes Offers to Acquire Two Series of Western Financial Group Inc. Preferred Shares

LÉVIS, QC, May 2 /CNW Telbec/ - Desjardins Financial Group, Canada's leading cooperative financial group, announced today that its offers to acquire all issued and outstanding Series Three and Series Four First Preferred Shares of Western Financial Group Inc. have expired, and that it has taken up and accepted for payment the additional shares tendered under those offers.

Altogether, Desjardins has announced that it has taken up and accepted for payment 70,363 First Preferred Shares, Series Three, and 49,244 First Preferred Shares, Series Four, including those tendered on April 15, 2011.

Desjardins will pay for the additional shares tendered under its preferred shares offers on or around May 5, 2011.

About Desjardins Financial Group

Awarded the coveted title "Bank of the Year 2010 - Canada" by the UK magazine The Banker, Desjardins Group is the leading cooperative financial group in Canada and the sixth largest in the world, with assets of over $172 billion. Drawing on the strength of its caisse network in Québec and Ontario, and its subsidiaries across Canada, it offers a full range of financial products and services to its 5.8 million members and clients. Desjardins specializes in Wealth Management and Life and Health Insurance, in Property and Casualty Insurance, in Personal Services, in Business and Institutional Services. As one of the largest employers in the country and one of Canada's 10 Most Admired Corporate CulturesTM of 2010, Desjardins is supported by the skills of its 42,500 employees and the commitment of nearly 6,000 elected officers. For more information, visit www.desjardins.com.

SOURCE DESJARDINS GROUP

For further information:

(for journalists only):
André Chapleau
Director, Media Relations
Desjardins Financial Group
514 281-7229 - 1 866 866-7000, poste 7229
media@desjardins.com

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DESJARDINS GROUP

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