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SYSTEM RELEASE - Thursday, September 15, 2016

Concentra acquires large portfolio of home improvement financing assets (TD Bank Group and Financeit)

$339 million transaction increases Concentra's capacity to serve credit unions

Concentra, Canada's leading wholesale banking and trust solutions provider to the credit union system, announced today in a joint release its acquisition of TD Bank Group's indirect home improvement financing assets. This acquisition, valued at $339 million, will accelerate Concentra's business strategy to seek growth within the consumer lending market and diversify its wholesale business.

Competition for consumer financing has intensified as financial technology (Fintech) entrants have changed the landscape. Point-of-sale (i.e. financing on the spot) and web-based applications are making consumer credit more accessible and convenient, and Fintech is disrupting traditional retail based channels. As a result, credit unions' market share in consumer lending has declined from 7.8% in 2003 to approximately 6.0% in 2014.

Teaming up with a Fintech partner allows Concentra to offer credit unions access to point-of -sale originated consumer assets from outside the credit union system. Concentra aims to provide credit unions with new investment products that align with their need to diversify and improve margins.

"As a strategic partner for credit unions and committed to their success, we invest in the industries that are relevant to them, including the Fintech space," said Dallas Marce Executive Vice-President, Wholesale Banking, Concentra. He continued, "Our investment in the Fintech industry is to expand opportunities for credit unions to regain market share. We'll use our expertise and financial clout within this market to deliver sophisticated financial solutions to credit unions and strengthen their ability to compete," adds Marce.

This latest portfolio acquisition, which follows an earlier announcement outlining the initial $100 million collaboration with Financeit, firmly positions Concentra as a notable player in the financial markets and Fintech space. The $339 million transaction is the largest and most complex transaction in the Canadian Fintech industry to-date, and a significant achievement for all parties involved.

On the dynamic and growing Fintech industry, Marce commented, "We are seeing a shift in the industry with emerging opportunities for co-operative financial institutions to participate and compete alongside the big banks. It's a game changer for credit unions."

Concentra partners with credit unions from coast to coast and creates value by delivering proven solutions designed to improve financial performance, diversify risk, and meet the needs of your members.

Concentra's strength comes from our deep roots in the co-operative movement, and our commitment to co-operative values. We believe in harnessing the power of co-operation to bolster the collective ability of credit unions to deliver competitive financial solutions for Canadians.


For more information:
Ryan Graham, SVP, Financial Intermediation
Phone: 306-566-7719
or to arrange an interview contact:


Media Inquiries:
Tracy Laschilier, Manager, Marketing and Communications
Phone: 306-227-5061