VANCOUVER, April 19, 2013 /CNW/ - Coast Capital Savings and Qtrade Financial Group announced today that they have signed a letter of intent (LOI) to expand their wealth management relationship.
The LOI commits both parties to negotiations which, if successful, will result in Coast Capital expanding its current relationship with Qtrade to use their platform for dealer and back office support for wealth management services.
"If this process is successful, moving to Qtrade will provide an exciting opportunity for Coast Capital to build a stronger relationship with them and be part of Qtrade's growth and development," explained Tracy Redies, CEO of Coast Capital Savings. "They have tremendous momentum, and we believe they offer some truly innovative products and services to Canadians."
An expanded agreement with Qtrade would also deepen Coast Capital's relationship with Desjardins Group, with whom they recently signed a memorandum of understanding to share expertise in products and services and cooperate on projects to benefit both organizations. Earlier this month, Desjardins completed the acquisition of 40 per cent of Qtrade's shares on a fully diluted basis.
"We have successfully provided online brokerage services to Coast Capital and its members for over 12 years now and are pleased to be exploring an expanded partnership opportunity. We look forward to a deeper relationship with Coast Capital and further accelerating its growth across all aspects of wealth management," said Scott Gibner, CEO of Qtrade.
"We're delighted that Coast Capital, a long standing partner of Desjardins, has entered into discussions with Qtrade," said Bill Packham, Executive Managing Director of Wealth Management and Life and Health Insurance at Desjardins Insurance, and co-chair of Qtrade's Board of Directors. "This positive development follows in the spirit of the cooperation agreement entered into between Coast Capital and Desjardins Group and is a very encouraging sign that cooperatives can do much more together for the benefit of their members and clients."
Discussions between Coast Capital and Qtrade are already under way, with both parties projecting an announcement before the end of the year.
About Coast Capital Savings
Coast Capital Savings Credit Union is Canada's largest credit union by membership with 504,000 members, total assets under administration of $14.6 billion and 50 branches in the Metro Vancouver, Fraser Valley, and Vancouver Island regions of British Columbia. Product innovations include Canada's first free chequing account from a full-service financial institution and the country's most flexible mortgage product, the You're the Boss™ Mortgage, which was named 2010 Mortgage of the Year by canadianmortgagetrends.com. Coast Capital offers one of Canada's 10 Most Admired Corporate Cultures™. It is a member of Canada's Best Managed Companies Platinum Club and an Imagine Canada Caring Company. To learn more, visit www.coastcapitalsavings.com.
About Qtrade Financial Group
Qtrade Financial Group provides comprehensive brokerage and wealth management platforms, services and solutions to the retail public as well as the customers of hundreds of financial institutions across Canada. Since 1999, Qtrade has been dedicated to providing its financial institution partners with a single source for market-leading wealth management products and services including: online, full-service and institutional brokerage services, mutual fund dealer services, insurance dealer services, portfolio management, discretionary money management services and proprietary managed money solutions. For more information, visit www.qtrade.ca.
About Desjardins Group
Desjardins Group is the leading cooperative financial group in Canada with assets of nearly $200 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 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. Best Corporate Citizen in Canada for 2012 and among Canada's Top 100 Employers, Desjardins is supported by the skills of its 44,942 employees and the commitment of 5,268 elected officers. Desjardins members and the general public are invited to visit Desjardins Group's education and cooperation program website at www.desjardins.com/co-opme.
SOURCE: Coast Capital Savings Credit Union
For further information:
Manager, Media Relations, Coast Capital Savings
Vice President, Marketing & Communications, Qtrade Financial Group