The Caisse de dépôt et placement du Québec is closing a $125 million financing deal with Canadian credit union, Meridian.
The investment takes the form of subordinated private debt, with the capital aimed at helping Meridian continue its growth and the diversification of its products and services.
Today, Meridian offers both commercial and personal loans, credit cards, insurance services, mortgages, as well as wealth management. It has a network of 92 branches in Ontario and 14 business banking centres.
“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 the Caisse, in a press release. “Meridian has experienced stable growth in terms of both assets and membership over several years, and as such fits naturally with our investment strategy.”