The Caisse de dépôt et placement du Québec (CDPQ) announced Feb. 25 the closing of $125 million in financing to Meridian, Ontario’s largest credit union.
The CDPQ says this investment, which takes the form of subordinated private debt, “provides Meridian with additional capital to continue its growth and to diversify its products and services”.
Meridian has a network of 92 branches in Ontario and 14 business banking centres. It offers personal and commercial loans, mortgages, wealth management, credit cards and insurance services.
"CDPQ is delighted to partner with Meridian, a leader in the Canadian financial cooperative landscape," said Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ. "Meridian has experienced stable growth in terms of both assets and membership over several years, and as such fits naturally with our investment strategy."
Tara Daniel, Chief Financial Officer, Meridian, says the credit union is focused on ensuring it continues “to grow and flourish as a leader in our industry…This investment is a great vote of confidence in our organization and delivers a message to our Members and the investment community at large that we remain a sustainable, relevant business today and in the future."