Caisse network
The cooperative network and its companies
Desjardins Group is an organization of caisses populaires and group caisses. The caisses in Quebec and Caisse Desjardins Ontario Credit Union Inc. are assembled under the Fédération des caisses Desjardins du Québec.
The caisse populaire is a cooperative whose members generally live in the same town or neighbourhood. Most Quebecers are members of the Desjardins caisse that is closest to their home or workplace.
The group caisse is also a cooperative, like the caisse populaire. However, in most cases, group caisse membership is based on belonging to a certain profession or sharing a common workplace. The Caisse Desjardins des Travailleuses et Travailleurs unis in Montreal is an example, as is the Caisse d’économie Desjardins de la Métallurgie et des Produits forestiers in Saguenay-Lac-Saint-Jean.
The cooperative network and its companies
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Desjardins Capital
Desjardins Capital, a wholly owned subsidiary of the Fédération des caisses Desjardins du Québec, was established in 1995. Its sole purpose is to offer its own securities in the financial markets and to invest the proceeds in securities issued by Desjardins caisses. The caisses may issue capital to raise liquidity. Rather than doing this on an individual basis, the caisses do business with Desjardins Capital which acts as a bridge between the Desjardins caisses and institutional investors by consolidating the securities they issue.
The first issue, amounting to USD 200 million, was launched in 1995 in the US institutional market. In 2002, Desjardins Capital proceeded with a record public issue of $800 million in subordinated debentures in the Canadian markets.
In 2004, Desjardins Capital proceeded with a $450 million issuance of senior notes with Canadian investors. This issuance was the first to be made under the terms of a short-form prospectus that allows the issuance of senior notes up to a maximum of $2 billion over a period not to exceed 25 months.
The assets of Desjardins Capital consist of securities issued by the caisses. Its liabilities correspond to the securities the company has issued on the markets.
Credit ratings for securities
- Moody’s: A2
- Standard & Poor’s: A
- DBRS: AA (low)
- Fitch: A+
Desjardins Bank
Desjardins Group was the first Quebec institution to open a branch in Florida when Desjardins Bank was founded in Hallandale Beach in 1992. Other branches have since opened: Pompano Beach in 2001, Lauderhill in 2006 and Boynton Beach in 2015. Desjardins Bank serves Desjardins members all over the US.
Desjardins Florida Branch
Desjardins Florida Branch allows Desjardins Group to support medium- and large-sized businesses active in the US by offering them the opportunity to carry out substantial financial transactions. Desjardins Florida Branch offers both term loans and operating credit.
Desjardins Investments Inc.
Desjardins Investments Inc. manages Desjardins Funds and Desjardins Exchange-Traded Funds (ETFs). It’s one of Canada’s largest investment fund managers, offering investors a wide range of options. Desjardins Investments Inc. is comprised of world-renowned portfolio managers who represent more than 20 portfolio management firms internationally. They also champion responsible investing in Canada.
Fédération des caisses Desjardins du Québec (FCDQ)
An organization that provides the caisses with the services they require and to coordinate the efforts of all other Desjardins Group components.
The FCDQ is the cooperative entity responsible for orientation, framework, coordination, treasury and development activities for Desjardins Group. It also serves as a financial agent on the Canadian and international markets and offers its member caisses various technical, financial and administrative services.
Mission of risk and capital management
The FCDQ’s mission is to manage risk and capital for Desjardins Group and see to the financial health of the Groupe coopératif Desjardins (which is made up of Desjardins caisses in Quebec, the FCDQ and the Desjardins Security Fund) and ensure its sustainability in accordance with the Act respecting financial services cooperatives.
Structure of the FCDQ
The FCDQ helps the caisses and other Desjardins Group components accelerate business development and better meet the needs of their members and clients. Its structure has been designed to consider the needs of Desjardins Group members and clients, as well as the markets in which it operates.
Characteristics and priorities
The FCDQ stands out from other Canadian financial institutions because of the cooperative nature of its caisses. The resulting mission and values are the driving force for its directors, managers and employees. They are echoed in its priorities and help it achieve its vision of sustainable prosperity within the communities served by Desjardins Group and the FCDQ.
Desjardins Group’s ambition
Desjardins Group’s goal is to become everyone’s #1 choice. Thanks to its varied distribution channels, numerous intermediary networks and personnel who strive to always work in the interests of members and clients, Desjardins Group stays close to its members and their communities.
Director participation in caisse cooperative affairs
To best meet members’ increasingly diverse needs, Desjardins Group pays special attention to the caisse network and its range of service delivery methods. This process is also part of Desjardins Group’s continued commitment to the vitality of cooperation at the caisse level in terms of democratic life, representation, education and training, cooperation with other cooperatives and support for community development.
Desjardins Group: Modern and people-focused governance
Desjardins Group is characterized by a modern and people-focused democratic governance structure, where directors elected by caisse members are active participants. This active participation involves both collaboration and governance.
Community collaboration groups are also involved in various areas where caisses are active, while the Desjardins Collaboration Forum serves similar purposes throughout the network. In terms of governance, caisse directors take part in annual general meetings, congresses, and the FCDQ Board of Directors and its various commissions.
Members of the Board, chosen for their complementary skills and diverse backgrounds, includes the President and CEO, 12 elected members from the caisse network and 6 members from outside the caisse network and co-opted by the Board.
Desjardins Trust
As the trust arm of Desjardins Group, it remains active in fields such as asset custody, personal trust services, asset administration and estate liquidation.
The role of Desjardins Trust has evolved considerably since the start of 2005, when its manufacturing, wholesale and specialized investment fund and private management services were reassigned to the Fédération des caisses Desjardins du Québec.
Nonetheless, Desjardins Trust is still the trust arm of Desjardins Group and, as such, it remains active in specialized areas.
Main services
- Asset custody
- Trust services for businesses
- Trust services for individuals
- Trust services for Desjardins caisses
Main clientele
- Desjardins caisses
- Pension funds
- Life insurers
- Full-service brokers
- Portfolio managers
- All types of groups and associations
- Private, public, parapublic and cooperative businesses
- Individuals
Desjardins Foundation
Desjardins Foundation awards scholarships, prizes and research grants to young students in all fields.
Desjardins Security Fund
Desjardins Security Fund acts as a financial reserve for the caisses, protecting them and their members from the risks inherent in their activities and ensuring that none is insolvable.
In 1980, to ensure the financial security of the caisses, Desjardins Group created Desjardins Security Fund. Desjardins Security Fund is based on a financial reserve accumulated over the years.
Security Fund mission
The Desjardins Security Fund ensures that no Desjardins caisse of Quebec is insolvable. It provides financial assistance to Quebec caisses experiencing temporary setbacks, ensuring appropriate relief measures can be implemented.
Financial relief measures
- Establish and manage a security, liquidity or mutual assistance fund for caisse members of the Fund
- Participate in the network’s capitalization operations
- Help cover losses sustained by members of a caisse covered by the Fund as a result of a liquidation.
- Avoid or reduce disbursements by the Autorité des marchés financiers under the Deposit Insurance Act External link.
Alphonse Desjardins Historical Society
The Society’s mission is to safeguard and promote the history and heritage of the Desjardins Group and its founder.