Originally Posted by Andy6
What's the relationship between Desjardins and Caisse Financial Group of Manitoba? I can't see any indication of a connection on the Caisse website and yet it's listed on the Desjardins site as "where to find us" in Manitoba. I'd never heard of Desjardins operating in Manitoba. Interesting.
TD does have some sort of regional office in Winnipeg. They reopened one a few years ago, from what I remember at least. The other banks don't as far as I know.
As I understand it, its simply a subsidiary of Desjardins operating under a local brand, akin to Atlantic Superstore (which is a subsidiary of Loblaws operating under a regional branding). There is a new regional head office in Winnipeg (on Provencher), and some of the staff members refer to it as "Caisse Desjardins"...that might be where I connected the two together. That said, inside the city, its only in St Boniface (theres a few there I believe), and the french-dense areas of St Vital. I'm not sure about St Norbert.
I am not sure of the exact connection, but its been in Manitoba for some time, especially in the french towns.
I didn't know about TD though - that's pretty neat. Where about is the office?
Originally Posted by davidivivid
Desjardins hasn't any link with the Caisse in Manitoba I believe. It can be complicated and time consuming to merge with another credit union. Hence, Desjardins decided to buy a bank instead. It bought Western Financial Group for $443M at the end of 2010 in order to increase its presence in Western Canada. At that time, Western Financial had aboud 600 000 clients and 121 offices in British Columbia, Alberta, Saskatchewan and Manitoba.
I wouldn't be surprised to see Desjardins be one of the bidders for ING Canada.
No, I don't think that's correct. Western Financial was separate from Caisse. The only relationship now is that both are owned by Desjardins. Caisse existed before Desjardins purchased Western Financial. Caisse has always been a Desjardins subsidiary, it was always in the smaller french communities in Manitoba. Which makes sense because that is imprortant to Desjardins business in Québec, is that it is in all the small towns where the bigger banks can tend to skip.
That said, I did forget about Desjardins purchasing Western Financial - that would mean Desjardins does have a presence in western Canada beyond Manitoba.