(Regina/Saskatoon): Concentra Bank, Canada's newest bank, will begin operations under the
Bank Act on January 1, 2017, after receiving 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 wholesale banking and trust solutions to Canada's credit union system.
President and CEO, Ken Kosolofski said, "As a bank, Concentra now has greater ability to access the financial markets. We'll use this greater access to deliver more competitive wholesale banking and trust solutions to our credit union partners across Canada, so they in turn are better positioned to compete with the big banks, and grow relationships with their members."
He continued, "We are deeply grateful to Concentra's Members and Shareholders who voted unanimously in favour bank continuance. We've said from the beginning that our transition to a bank is about a strategic decision to evolve so we can most effectively deliver the products and services credit unions need to create value for their members. Concentra will continue to prosper with co-operative values driving our decisions."
Concentra's primary business remains serving Canada's credit unions with wholesale solutions. The transition from a Co-operative Retail Association to a chartered bank will not change the company's successful business model. Retail financial services are available through approximately 300 Canadian credit unions, rather than directly from Concentra.
Concentra remains a co-operative financial institution with co-operative values as core tenets in our ownership and governance structures. Early in 2017, Concentra will invite applications for its Board of Directors. Since formation in 2005, Concentra has been a strategic partner to Canada's credit unions, embracing the principles of the co-operative movement.
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Laura Herman, Senior Communications Consultant