Within days of its 110th anniversary, Desjardins Group, Canada’s leading co-operative financial group, has been named Bank of the Year 2010 – Canada by the British magazine, The Banker, published by The Financial Times.

Headquartered in Lévis, Que.-based Desjardins Group is the leading co-operative financial group in Canada and the sixth largest in the world, with assets of over $175 billion.

This is the first time in Desjardins’ history that it has participated in this competition and it’s the first time that a Canadian co-operative financial institution has won.

“This coveted award gives credence to our unique cooperative business model both here in Canada and around the world,” said Monique Leroux, chair of the board, President and CEO of Desjardins Group, in a release. “It also highlights our excellent cooperative and financial performances over the last few years.”

Desjardins was presented with The Bracken award Thursday night at The Bank of the Year ceremony held in London, England. The Bracken award is named after Brendan Bracken, The Banker’s founding editor and the chairman of the modern-day Financial Times from 1945 to 1958.

“On December 6, we will be celebrating 110 years as a co-operative financial group. We therefore share this international recognition with those who have made our success possible,” said Leroux. “In particular, I’m speaking of the 5.8 million members and clients to whom I thank for their ongoing support. Also, one cannot forget the dedication of our 6,000 elected officers from the caisse network and our 42,200 employees across the country.”

The financial co-operative said The Banker award judges did not choose Desjardins merely for its excellent capital ratio or conservative business practices. The Group was also selected for its community involvement, democratic culture, member satisfaction, sustainability projects and its charitable work in places like Haiti through its Développement international Desjardins organization.

IE