Both parties finalize the agreement in principle that was made in January
QUÉBEC CITY, July 5 /CNW Telbec/ - After receiving the approval of regulatory authorities, Groupe Promutuel and Desjardins Group, two Québec leaders in the cooperative and mutual sectors, are proud to announce that they have finalized the agreement in principle that was reached last January.
This partnership, effective since July 1, concerns Desjardins Group's acquisition of Groupe Promutuel's savings and loans portfolios. Both organizations have also signed agreement for the banking services of the mutuals and to manage fixed-income investments for Groupe Promutuel and its subsidiaries.
In fact, Desjardins becomes the exclusive distributor of savings and loan products for members of general insurance mutuals as well as the investment and banking services manager for other mutuals.
This partnership is a unique opportunity for Desjardins and Groupe Promutuel to put their expertise and networks to good use to develop their business together and offer cooperative and mutual members a full range of competitive products and services.
"We begin this partnership with the assurance that the products and services offered to our members and clients will meet their expectations. Our organizations share the same values; it goes without saying that quality will be our top priority," said Monique F. Leroux, Chair of the Board, President and CEO, Desjardins Group.
As for Groupe Promutuel's Chair of the Board, Omer Bouchard, he said he was extremely pleased to have signed this agreement. "Today we are proud to be starting a new phase of our partnership to meet the needs of our insured members. Our organizations have the same objective, which is to give our clients the absolute best."
About Desjardins Group
Desjardins Group is the largest cooperative financial group in Canada and the sixth largest in the world, with assets of over $165 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, Desjardins is supported by the skills of its 42,200 employees and the commitment of over 6,200 elected officers. For more information, visit www.desjardins.com.
About Groupe Promutuel
Promutuel is a growing group which ranks among the biggest general insurers in Quebec. Also active in financial services and financial security, the Groupe is recognized for its financial soundness, high quality products and the excellence of its customer service. Promutuel has 1,750 employees serving over 545,000 insured members. The Groupe's mission is to promote and offer insurance and financial services products that live up to the insured members' and clients' expectations and that often anticipate them. To this end, the Groupe ensures customized quality services and encourages the mutualist values that have guided its actions for more than 160 years.
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SOURCE Desjardins Group
For further information: For further information: (for journalists only): André Chapleau, Media Relations, Desjardins Group, 514-281-7229, 1-866-866-7000, ext. 7229; Josée Garneau, Media Relations, Groupe Promutuel, 418-840-1188, ext. 2452, 1-800-510-4630, ext. 2452