Groupe Promutuel and Desjardins Group, two Québec leaders in the cooperative and mutual sectors, Monday announced the signing of an agreement-in-principle towards the implementation of a business partnership regarding the distribution of financial products and services, such as mortgage loans and savings products.

The terms of the agreement, subject to the approval of regulatory authorities, will be defined in the coming months.

“We are delighted to have reached an agreement with our Groupe Promutuel colleagues, which is proof of our common desire to bring two organizations that share the same values closer together,” stated Monique Leroux, president and CEO of Desjardins Group.

Omer Bouchard, Groupe Promutuel’s chairman of the board, said said he was extremely pleased to have signed this agreement. “We are convinced that it will be beneficial to both our organizations, to our clients and to the future of Quebec’s cooperative and mutualist movement.”

IE