LÉVIS, QC, Jan. 28, 2013 /CNW Telbec/ - Sales of the new capital shares of the Fédération des caisses Desjardins du Québec, issued last June, has reached $1 billion.
This issue of capital shares, which could easily reach $1.2 billion, was a first in the financial cooperative world, particularly due to its scale, and because it was conducted in compliance with the new Basel III regulatory requirements on capital. This share issue enables Desjardins to reinforce its strategic development and strengthen its financial position.
"It's a tremendous success that indicates the relevance of this investment product. Among other things, this financial vehicle allows Desjardins members to diversify their portfolios even further, which is a smart investment strategy. For Desjardins, this product represents an innovative means of capitalization," beams Marc Laplante, Senior Executive Vice-President, Desjardins Group and Federation Management.
The capital shares have a nominal value of $10 and the minimum subscription amount is $100. The interest rate will be determined annually and will not exceed: a) the average annual yield of five-year Government of Canada Bonds; or b) 4.25%, whichever is the highest.
Since 1989, Desjardins caisse members have acquired shares issued by the caisses and the Federation, totaling $3.3 billion, toward the capitalization of their financial institution.
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 5.6 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. Best Corporate Citizen in Canada for 2012 and among Canada's Top 100 Employers, Desjardins is supported by the skills of its 44,645 employees and the commitment of nearly 5,400 elected officers. A new education and cooperation program is now available to Desjardins members and the general public. For more information, visit www.desjardins.com/co-opme.
SOURCE: DESJARDINS GROUP
For further information:
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Nathalie Genest, spokesperson
514-281-7275 or 1 866 866-7000, ext. 7275