Expressing his desire to see the Canadian co-operative movement build strength, the president and CEO of Desjardins Group, Alban D’Amours, opened the door to new partnerships and business agreements with Canadian credit unions.

“It is in our best interest to work together to strengthen the financial co-operative movement across the country and to expand its reach in communities where there is limited presence” he said during his speech delivered at the Canadian Club of Toronto.

D’Amours spoke of Desjardins’ growing presence in Ontario, and noted Desjardins has more than 3,700 employees in provinces other than Québec. This business accounts for 17% of its top line. He would like to see that percentage come within reach of 25% in the coming years.

“We have committed to build on that solid foundation to develop new markets. Ontario, a province known for its dynamic economy, is the first of these targets and a market where we expect to create and add value,” he said.

Co-operatives, he contends, can offer top-quality financial products to the population of Ontario and of the entire country. He says that Desjardins Group is convinced that the co-operative financial system has great growth potential in Canada. “Desjardins, as a major stakeholder of this system, plans to work actively to fully realize this potential.”

That being said, D’Amours made a point of reassuring his colleagues from the credit unions: “Desjardins is not coming to Ontario as conqueror. We certainly have no intention of stealing marketshare from the credit unions … we see ourselves as a partner in-the-making for other co-operatives.”

The financial clout, technological expertise and capacity for innovation of Desjardins Group, he added “make it a precious ally for other institutions sharing the same objectives in their communities.”

D’Amours also reminded his audience that possible bank mergers in Canada could represent attractive development opportunities for the co-operative sector. “If these mergers are permitted, the government will most certainly impose conditions such as requirements for some branches to remain open and others to close altogether. The co-operative movement will have to be in a position to mobilize financial expertise and strength to take advantage of these opportunities.”