Desjardins Financial Corp. is investing in Qtrade, an online brokerage firm and wealth manager.

Desjardins will initially purchase between 25% and 40% of the outstanding shares of Qtrade from current security holders (on a fully-diluted basis).

The transaction is part of Desjardins’ strategic plan to grow its major business lines.

The required approvals have been received from the boards of both organizations for this transaction. Desjardins will have the right to acquire the majority of the remaining Qtrade shares over the next six years.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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