Desjardins finalizes the acquisition of Guardian Capital Group Limited, strengthening its position as a leading asset manager

Closing of a $1.67 billion transaction unites Desjardins Global Asset Management and Guardian Capital Group Limited behind a shared vision for sustainable growth

MONTREAL, March 23, 2026 /CNW/ - Desjardins Group ("Desjardins") announced today the official closing of the financial cooperative's acquisition of Guardian Capital Group Limited ("Guardian"). The transaction, first announced last August, is an important milestone in strengthening Desjardins's role as a leading asset manager serving institutional and private wealth clients across Canada, while also increasing its presence internationally.

With the closing finalized, Desjardins Global Asset Management and Guardian now oversee approximately C$280 billion in combined assets under management and advisement. The transaction significantly scales their capabilities and expands the scope of the investment solutions they can provide to members, clients and partners, to better meet their needs. As a result of the transaction, Guardian's Class A and common shares are expected to be delisted shortly from the Toronto Stock Exchange, and Guardian intends to apply to cease to be a reporting issuer under applicable Canadian securities laws.

A shared vision for sustainable, long-term growth

The acquisition marks a pivotal moment in Desjardins' history as a financial cooperative, and it aligns with the growth the Wealth Management division has been experiencing in recent years. It's an important step in the organization's development as an asset manager, improving the choice of investment solutions available to members and clients and bringing a broader range of investment products for both public and private markets under one roof.

Desjardins and Guardian share a long-term vision to build a competitively scaled asset management firm rooted in complementary expertise, strong governance and a high-quality, client-first approach. The combined business will benefit from broader global market reach, diversified investment capabilities and a strong platform to help them deliver sustainable growth.

"Today marks a major milestone for Desjardins. Closing this transaction allows us to scale faster, reach further, and enhance the investment solutions we can offer our members, clients and investors. It positions us for sustainable, long-term growth while bringing in a team that fits our culture and ambition," said Denis Dubois, President and CEO of Desjardins Group.

"This moment marks the beginning of an exciting new chapter. Joining forces with Desjardins gives us the scale, resources, and shared strategic alignment to accelerate our growth ambitions and continue serving clients with excellence as their needs evolve," added George Mavroudis, CEO, Guardian Capital Group and now President and Chief Executive Officer of Desjardins Global Asset Management. "By combining our businesses, we are better positioned than ever to build a global asset management platform that stands out for its vision, innovation and client-centric approach."

The transaction--valued at C$1.67 billion and completed at $68.00 per share--is the latest in a series of acquisitions Desjardins has made in an effort to grow across Canada. The cooperative financial group acquired Guardian Capital Group Limited's life and health insurance and individual savings distribution activities in 2023, and The Insurance Company of Prince Edward Island in 2024.

About Desjardins Group

Desjardins Group is the largest financial cooperative in Canada and the eighth largest in the world, with assets of $510.2 billion as at December 31, 2025. Desjardins has been named one of the top employers in Canada by both Forbes magazine and Mediacorp. The Banker magazine also named it Canada's Bank of the Year for 2025. The organization relies on more than 57,500 skilled employees to meet the diverse needs of its individual and business members and clients. It offers a full range of products and services through its extensive distribution network, its online platforms, and its subsidiaries across Canada. In addition to being ranked among the world's strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and one of the highest credit ratings in the industry.

About Guardian Capital Group Limited

Guardian Capital Group Limited (Guardian) is a global investment management company servicing institutional, retail and private clients through its subsidiaries. As at September 30, 2025, Guardian had C$166.6 billion of total client assets while managing a proprietary investment portfolio with a fair market value of C$1.3 billion. Founded in 1962, Guardian's reputation for steady growth, long-term relationships and its core values of authenticity, integrity, stability and trustworthiness have been key to its success over six decades. Its common and Class A shares are listed on the Toronto Stock Exchange as GCG and GCG.A, respectively. To learn more about Guardian, visit www.guardiancapital.com.

Caution concerning forward-looking statements

This press release may contain forward-looking statements. Such statements are typically identified by future and conditional verbs or words such as "expect" or "will" and other words and expressions of similar import. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties that may be general or specific and are based on assumptions that may give rise to the possibility that actual results or events could differ materially from expectations expressed in or implied by such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, those with respect to Desjardins's objectives and views regarding the acquisition, the anticipated strategic, financial and other benefits of the acquisition, the delisting of Guardian's shares, Guardian ceasing to be a reporting issuer, the operations and businesses of the combined business post-closing of the transaction, including Desjardins's post-closing assets under management levels. It is important to note that many factors could influence and adversely affect future results. Desjardins cautions readers against placing undue reliance on forward-looking statements when making decisions. Desjardins does not undertake to update any forward-looking statements that may be made herein, except as required under applicable law.

SOURCE Desjardins Group

For more information (media inquiries only): Public Relations, Desjardins Group, 514-281-7000, ext. 5553436, [email protected]