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SYSTEM RELEASE - Thursday, April 21, 2016

Creating Opportunity: Concentra Explores Bank Continuance

April 21, 2016 – Concentra was formed by the co-operative movement working together. Since 2005, it has remained committed to its mandate of delivering wholesale banking and trust solutions designed to facilitate an increased ability for credit unions to compete with traditional banks.

"Our entire reason for being is to support Canadian credit unions. Concentra remains 100% committed to credit union success," says Ken Kosolofski, Concentra's President and Chief Executive Officer.

Concentra has grown and matured as a strong, stable financial institution in the credit union system, recognized for its leadership, expertise and financial clout to deliver solutions that improve financial performance, diversify risk, and meet member needs. That said, Concentra is not immune to the changing global and national financial services landscape. 

Given the increasingly competitive financial services environment, Concentra must continue to evolve so it can strengthen its capacity to support the business needs of credit unions.

Recently, Concentra conducted a review of its corporate legal structure. Details of this review are outlined in our White Paper, Creating Opportunity: Concentra Explores Bank Continuance.

Presented in-depth are the reasons why continuing as a bank provides the greatest opportunity to support Concentra's business objectives, and at the same time meet the emerging business needs of credit unions. Also shared in the White Paper are the impacts to Concentra's ownership and governance, post-continuance.

Concentra thrives as a national, strategic partner to credit unions, embracing the values and principles of the co-operative movement.  The company's form of legal structure is a means to this end.

"As a bank, Concentra will continue to be organized and operated under co-operative principles, and will remain an indispensable part of Canada's co-operative system as an organization owned by the credit unions it serves," adds Kosolofski.

Media Inquiries:
Tracy Laschilier