Meridian, Ontario’s largest credit union, has received a significant investment from Caisse de dépôt et placement du Québec (CDPQ).
The closing of the $125 million financing was announced Tuesday and 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 and 14 business centres across Ontario providing mortgages, wealth management, and other financial services. It has frequently sought to shake up the mortgage landscape with headline-grabbing special low rates.
"Meridian is focused on ensuring that we can continue to grow and flourish as a leader in our industry," said Tara Daniel, Chief Financial Officer, Meridian. "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."
Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ explained the rationale behind the investment.
"CDPQ is delighted to partner with Meridian, a leader in the Canadian financial cooperative landscape," he said. "Meridian has experienced stable growth in terms of both assets and membership over several years, and as such fits naturally with our investment strategy."
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