Concentra’s continuance under the Bank Act takes effect on January 1, 2017. We have received formal approval from the federal Minister of Finance, on the recommendation from the Office of the Superintendent of Financial Institutions (OSFI). Concentra is the first schedule one chartered bank focused on providing financial services to Canada’s credit union system.
Concentra’s primary focus will remain serving Canada’s credit unions. As a bank, Concentra has greater ability to access financial markets and deliver more competitive wholesale banking and trust solutions to our credit union partners. Concentra’s transition to a bank is a strategic decision to evolve so we can most effectively deliver the products and services credit unions are requesting.
The transition from a Co-operative Retail Association to a chartered bank does not change Concentra’s successful business to business model, and it does not contemplate retail service offerings.
Concentra’s Members and Shareholders voted unanimously in favour bank continuance, and our company remains a co-operative financial institution, with co-operative values as core tenets in our ownership and governance structures.
Since formation in 2005, Concentra has been a strategic partner to Canada’s credit unions. Moving forward as a bank, Concentra will continue to prosper with co-operative values driving our business.