One Hundred Twenty-fifth Anniversary of the Desjardins Group
Inquiry--Debate
March 24, 2026
Rose pursuant to notice of February 3, 2026:
That she will call the attention of the Senate to the one hundred twenty-fifth anniversary of the Desjardins Group.
She said: Honourable senators, as 2025 marked the one hundred twenty-fifth anniversary of the Desjardins Group, this seems like a fitting time for me to remind this chamber about an endeavour that is much more than financial in scope. These 125 years of bold action, solidarity and commitment to serving communities have shaped this francophone financial institution into what it is today: an institution that embodies a certain economic vision, one rooted in democracy, guided by the principle of collective responsibility and focused on people and the common good.
The Desjardins Group will wrap up its celebration of this historic milestone at its annual general meeting in the spring. With over $510 billion in assets, $3.8 billion in surplus earnings and $638 million returned to members and the community, the Desjardins Group is Canada’s leading francophone cooperative financial institution. It is worth taking a moment to look back on the organization’s foundations, its history and the values that have enabled this business model not only to stand the test of time, but also to establish itself as a key player in the economic and social development of Quebec and Ontario’s francophone communities. So what is the Desjardins Group?
Colleagues, the Desjardins Group is much more than just a financial institution. It is a cooperative organization fully owned by its 10 million members, located mainly in Quebec and Ontario. Its business model enables it to make its members’ interests a top priority, in the name of solidarity and collective responsibility. It is run democratically, so it relies on the active participation of its members, who elect their representatives and take part in decision making at annual general meetings.
In addition to its financial services, the Desjardins Group is very engaged in social causes. It redistributes a significant portion of its surplus earnings in the form of member dividends and donations to the community. The Desjardins Group is also a key player in regional economic development, actively supporting local small and medium-sized enterprises. As the heartbeat of the local economy, it promotes job creation and wealth generation and help communities grow wherever it operates.
Desjardins is also active internationally and has been providing technical support and investment services in the inclusive finance sector in developing countries for the past 50 years. Its actions show that the economy can serve people and can be inclusive and democratic, while actively contributing to the well-being and growth of communities. Its 125 years of operating in a constantly changing world are a testament not only to incredible institutional resilience, but most of all, to the timeless strength of cooperative values, such as autonomy, responsibility, democracy, equality, equity and solidarity.
To better understand the origin and lasting impact of these values, allow me to take you back to the very beginnings of the Desjardins Group. At a time when lending practices were not only unfair but often abusive, Alphonse Desjardins refused to let workers and families be subjected to usury, exploited and trapped in poverty and ignorance.
In 1897, while working as a stenographer in the other place, Alphonse Desjardins was deeply moved by a member’s speech decrying the ravages of usury. The member cited the disturbing case of one citizen who had been forced to pay $5,000 in interest on a modest loan of $150. This abomination, a symptom of a profoundly unfair system, so outraged Alphonse Desjardins that he felt compelled to come up with a fairer and more humane answer to the problem of financial exploitation targeting the most vulnerable members of society.
The solution he devised was inspired by various European cooperative models. At the heart of this vision lay the simple yet powerful principle of collective and participatory financial management. Members pool their savings, share their resources, bear the risks jointly and exercise decision-making power together.
Thus, on December 6, 1900, the first credit union was established in Lévis by Alphonse and his wife Dorimène. She managed the day-to-day operations, while he continued his promotional and development activities.
Very early on, Alphonse Desjardins understood that the trustworthiness and credibility of the cooperative model had to be based on the principles of honesty and accountability. He also realized that in order to turn the next generation into engaged citizens who could plan ahead, they needed to learn to save, which is why he launched a school savings program that encouraged children to save every penny.
From 1907 onwards, the credit union model attracted growing interest beyond Quebec, particularly in other Canadian provinces.
Alphonse Desjardins’s work as a stenographer required him to spend several months a year in Ontario, so that is where he focused much of his efforts. Starting in 1908, he played an active role in establishing the Civil Service Savings and Loan Society, known as the Civil Service Co-operative Credit Society Limited, for federal employees. Building on this experience, he expanded his work by founding seven new credit unions in French Canadian parishes, mainly located in Ottawa.
Alphonse Desjardins played a role in founding a total of 24 credit unions in Ontario, demonstrating his commitment to the development of the province’s francophone community. He proved that commitment in other ways too. In 1915, for example, he played a leading role in a demonstration organized by the Association catholique de la jeunesse canadienne-française, which was campaigning against Regulation 17 and restrictions on French-language education in Ontario.
At the time, Le Droit described the credit unions as the tip of the spear for the French language in Ontario:
By helping us achieve economic independence, credit unions will do more for the bilingual issue than many a political struggle.
Those words ring true to this day. They remind us that the vitality of a language and the survival of a culture also depend on the ability of its communities to prosper economically. After Alphonse Desjardins’s death in 1920, the post-World War I economic crisis of 1921 had a significant impact on the credit unions.
Between 1921 and 1925, several of them were forced to cease operations, and the network, then consisting of some 150 credit unions, saw its assets decline. Against this backdrop, some credit unions began to combine into regional credit unions responsible for monitoring, inspecting and managing surplus funds. These unions formed gradually, helping to shape and consolidate the network.
Moreover, while the crisis of the 1930s deeply shook the Desjardins Group, it also brought about a renewal. It played a pivotal role in the regional credit unions’ decision to join forces to form a federation. The added structure made it possible to more efficiently organize the inspection, oversight and promotion of the credit unions, while preparing for the Desjardins Group’s relaunch. The influence of this dynamic extended beyond Quebec’s borders. In other Canadian provinces, credit unions proliferated, drawing inspiration from both the Desjardins Group and the Antigonish Movement, which emerged in Nova Scotia in the early 1930s.
The economic prosperity that was restored in the wake of World War II also helped consolidate the position of these new savings and credit cooperatives. However, the postwar period was not without its challenges. The recession of 1947 and 1948, which brought back memories of the 1921 recession, along with the precarious state of certain credit unions that had taken excessive risks during the boom years, led to the creation of the first security fund in August 1948. It was intended to financially support struggling credit unions and came with a dues increase for federation members to strengthen the inspection service.
Far from weakening this institution, the crises and recessions that have marked its history made its foundations stronger and revealed its incredible resilience. The Desjardins Group has emerged more united, better structured and invigorated by the success of cooperative values.
Today, Desjardins is one of the country’s leading financial institutions. It was recently recognized by The Banker magazine as Canada’s best financial institution of 2025 and by Forbes magazine as one of the best institutions in the world. It is a francophone financial institution that was founded in Quebec and is still operating 125 years later.
Its financial strength, recognized by credit rating agencies, attests to the relevance of the cooperative model in a highly competitive environment. It has performed well not in spite of its values, but because of them.
People are the core of Desjardins’ success. In the spirit of upholding the values of cooperation and commitment, I consider it especially appropriate to pay tribute to the many people who have been instrumental in the remarkable success of the Desjardins Group, the people who dreamed big dreams and made them come true.
I am referring to the government of René Lévesque, which, after the 1976 elections, paved the way for more permissive legislation adapted to Quebec’s financial institutions.
I am referring to the various presidents of the Desjardins Group, who have steered the organization to the heights we see today.
I am referring to the people who have worked for this organization, who believed in it and who contributed to its growth and reputation. Through their vision, integrity and dedication, they forged the culture of cooperative excellence and community engagement that has become the Desjardins hallmark.
I am pleased to have this opportunity to speak about the Desjardins Group during Francophonie Month. I would also like to highlight International Women’s Day and the contributions made by women within the Desjardins Group.
Allow me to conclude my remarks by paying special tribute to Dorimène Desjardins. She was a woman of vision, a devoted wife and a mother of 10. She was also a faithful partner in her husband’s grand plans. As an active co-founder of the first credit union branch in Lévis, she embodied diligence and a strong sense of duty. She played a discreet yet indispensable role, and her journey invites us to recognize that economic development is only possible when women are able to fully and completely participate in institutional and financial systems.
Even today, having more women on boards of directors, in management teams and across all professions helps foster balance, performance and innovation. It is safe to say, without a doubt, that diverse governance promotes better risk management, greater transparency and more inclusive decision making — qualities that are in keeping with the traditions of cooperative principles.
To highlight Dorimène Desjardins’s legacy is to acknowledge that Canada’s history has been shaped in part by the competence, determination and leadership of women. It is to acknowledge that their participation, expertise, vision and support form the bedrock of our society and its growth.
Honourable senators, celebrating the one hundred twenty-fifth anniversary of the Desjardins Group means acknowledging the remarkable history of this francophone financial institution, which has made its mark in Quebec, across Canada and around the world. It also means highlighting the ability of citizens to take charge of their own lives, to exercise their economic power democratically and to build lasting institutions together. Furthermore, it means understanding that money can be used to help people and communities develop. Finally, it is tangible proof that solidarity is the future, and that is as true today as it has ever been.
Thank you.
Honourable senators, I would like to speak to Senator Moncion’s inquiry marking the one hundred and twenty-fifth anniversary of the Desjardins Group in 2025. As we just heard, Desjardins is a major cooperative institution that has had an impact on both our past and our present.
In light of Senator Moncion’s remarks, I believe it would be entirely appropriate to highlight a complementary aspect of the cooperative’s success: Desjardins’s international commitments, particularly in the area of inclusive finance.
Since its earliest days, Desjardins’s founding principle has been the simple but powerful idea that finance should serve people. This vision contributed to the economic and social development of both Quebec and Canada and has now gone international.
Through Desjardins International Development, the group puts its cooperative expertise to work for partners in nearly 60 countries in Africa, Latin America, the Caribbean and Asia. Its work focuses on concrete, strategic levers, such as providing technical support for local financial institutions, investing in inclusive finance, and strengthening people’s long-term economic empowerment. These initiatives have one basic objective: to expand access to secure financial services designed specifically for people who are too often excluded from them. The economic empowerment of women is of particular importance.
I’d like to share a personal anecdote.
In my previous career, I had the opportunity to visit several African countries where Desjardins International Development was operating.
In Burkina Faso, I met with female shea butter producers who were organized into cooperatives and supported by financial institutions backed by Desjardins. I saw very concrete results there: Women had access to credit for the first time, they could open secure savings accounts, and their financial literacy markedly improved thanks to training tailored to their specific circumstances.
Beyond the numbers, these initiatives directly contribute to strengthening economic self-sufficiency, community resilience, and women’s ability to play a greater role in the development of their communities.
Honourable senators, as we mark Desjardins’ one hundred and twenty-fifth anniversary, we recognize not only the strength of a financial institution that was founded in Quebec and has grown to serve clients around the world, but also the impact of a cooperative model that has demonstrated, for over a century, that economic performance and social inclusion are not mutually exclusive.
Senator Gerba, I’m sorry to interrupt. Honourable senators, it is now seven o’clock. Pursuant to rule 3-3(1), I am obliged to leave the chair unless honourable senators agree not to see the clock. Is it agreed, honourable senators?
So ordered. You may continue, Senator Gerba.
Please join me in marking this milestone anniversary and wishing the Desjardins Group continued success. Thank you.
Honourable senators, I, too, rise to speak today with deep gratitude and a sense of honour, as Senator Moncion draws our attention to the one hundred and twenty-fifth anniversary of the Desjardins Group. The Desjardins Group is my neighbour. I live in Lévis, not far from its headquarters.
It is an institution that, over the decades, has transformed the way Canadians view finance, solidarity and stewardship of our planet. That means a great deal to me. Since its founding in Lévis in 1900 by Alphonse Desjardins and Dorimène Desjardins, this institution has become one of the most striking examples of the cooperative model’s success worldwide, as my colleagues have explained. The Desjardins couple understood, well ahead of their time, that money is merely a tool. What matters is who holds the money and what cause it serves. One hundred and twenty-five years on, this lesson is more relevant than ever.
Colleagues, we’re in a climate emergency. The IPCC reports are unequivocal: If we do not act now, the consequences will be catastrophic for our children, for future generations, and especially for developing countries, which contribute the least to global emissions but suffer the most devastating effects.
It is against this backdrop that Desjardins’s leadership in sustainable finance deserves to be commended, and that is in addition to the other qualities of the Desjardins Group that have already been mentioned. I wholeheartedly and unequivocally applaud these efforts. In 2020, the Desjardins Group took a clear stance in favour of getting out of thermal coal. In 2021, it renewed its climate ambition by setting a target of achieving net zero by 2040 — ahead of the rest of Canada — for all its operations, as well as for the financing and investments of its insurers in three sectors that are major emitters of greenhouse gases: energy, real estate and transport.
Furthermore, through its foundation and its responsible investment funds, Desjardins is channelling billions of dollars into renewable energy projects in the fields of sustainable agriculture and the circular economy. These projects are positive examples of what is possible when financial institutions align themselves with our climate and environmental goals.
Desjardins has also been a pioneer in green bond issuance, sustainable investment funds and integrating environmental, social and governance, or ESG, criteria into its lending and investment decisions. Desjardins funds show up multiple times in the Corporate Knights 2026 Responsible Funds ranking. It has shown that a co-operative model, built on long-term thinking and member accountability, is inherently better suited to sustainable finance than the short-term profit logic that has too often governed Bay Street and Wall Street. Desjardins continues to present strong financial results despite global uncertainty.
I want to speak about something that does not always receive enough attention in these halls: Desjardins’ commitment to the developing world. Through Développement international Desjardins, known as DID, the movement has spent decades building co-operative financial networks across, as my colleague mentioned, Africa, Latin America and Southeast Asia.
This is not charity, colleagues. This is solidarity. This is the export of a model that empowers communities to own their own financial futures.
DID has helped establish and strengthen local financial co‑operatives that serve farmers, women entrepreneurs and small-business owners who would otherwise be entirely invisible to the global financial system. These are precisely the populations most vulnerable to climate change and other polycrises affecting our planet. Giving them financial tools is not separate from the climate agenda; it is central to it. Climate resilience requires economic resilience. You cannot adapt to a changing climate if you cannot access credit to invest in a drought-resistant crop, for example, or in a solar panel for your home.
I am from Peru. In Peru, I’ve seen first-hand rural communities that were transformed by access to cooperative microfinance. I’m thinking of women farmers who were able to invest in drought-tolerant seeds or young entrepreneurs who started green economy businesses in regions neglected by the big banks. All of this is the Desjardins model in action.
Over the course of the last century, Desjardins has become a major player in the financial system. With more than 7.8 million members and clients, about 55,000 employees and more than $470 billion in assets, the Desjardins Group is the sixth-largest financial cooperative in the world. Today, it is the largest co‑operative financial institution in North America.
Unlike traditional banks, Desjardins redistributes a portion of its profits, paying out several hundreds of millions of dollars per year in the form of member dividends, investing in communities and funding local and social projects. Since 2017, for example, the GoodSpark Fund has supported more than 920 projects with funding of over $200 million.
Desjardins has played a key role in several areas, such as providing access to credit for farmers and SMEs, providing financing for housing and entrepreneurship, and supporting cooperatives and the social economy. For decades, credit unions have been allowing Quebec households to build up savings and capital, which has contributed to the economic growth of my province.
That’s why I say with conviction that Desjardins is a Quebec institution and a global model. We should be proud of this Canadian institution and ensure that its values are replicated elsewhere in the Canadian financial system. Indeed, we must encourage all types of socially oriented financial institutions, whether public, private or non-profit.
Desjardins did not become what it is by following the path of least resistance, as you can imagine. It became what it is by holding very strong to its values — through the Great Depression, through wars, through financial crises — and by trusting that those values, over time, would prove their worth.
And 125 years later, they have.
Meegwetch. Thank you.
Honourable senators, I rise today as part of Senator Moncion’s inquiry to pay tribute to the Desjardins Group, which celebrated its one hundred and twenty-fifth anniversary in 2025.
Not all Canadian organizations are fortunate enough to reach such a venerable age. Today, we celebrate not only the longevity of an institution, but also the significance of a key player in our country’s financial and social history.
For 125 years, this remarkable cooperative institution has served millions of Canadians, especially in Quebec, while demonstrating that financial institutions can be profitable, responsible and deeply rooted in the community.
Having worked in the banking sector for 35 years myself, I have seen first-hand the vital role that institutional diversity plays in the strength of our financial system. Financial institutions and cooperatives such as Desjardins are a key pillar of this system.
Although the Royal Bank remains the largest banking institution in the country, in Quebec, Desjardins Group holds a special place. Quebecers share a deep sense of belonging with Desjardins. It is a relationship built on trust that has lasted for over a century. It is a true love story whose flame shows no signs of fading.
Senators will also remember that the United Nations designated 2025 as the International Year of Cooperatives. In its resolution, the United Nations reaffirmed that co-operatives “. . . promote the fullest possible participation in the economic and social development . . .,” including for women, youth, older persons, persons with disabilities and Indigenous Peoples. It recognized that inclusive participation strengthens economic development and contributes to the eradication of poverty and hunger.
The UN also called upon member states to raise awareness of the important role co-operatives play in social and economic development. Senator Moncion’s inquiry contributes directly to that objective, and I thank her for bringing this important topic before the chamber.
The history of Desjardins began in 1900 in Lévis, thanks to the vision of a remarkable man: Alphonse Desjardins.
At the beginning of the 20th century, access to financial services was far from universal.
Many working-class families and small business owners had few opportunities to build up savings safely or obtain credit on fair terms. All too often, they had to turn to lenders who charged exorbitant interest rates, trapping borrowers in cycles of debt and financial insecurity.
Alphonse Desjardins recognized this injustice. He firmly believed that ordinary people deserved access to reliable savings products and fair credit.
His solution was simple yet revolutionary: to create a member-owned cooperative financial institution that would pool members’ savings to provide loans to the community.
The first credit union was born.
The Desjardins model was never limited to financial services alone. It was built on dignity, solidarity and empowerment. It sought to combat usury and financial exclusion while giving workers the tools to build more secure lives. In many ways, Desjardins represented a financial solution to a social problem.
That founding vision proved remarkably powerful. Over the decades, the co-operative model has spread across communities in Quebec and beyond. What began as a modest local initiative has grown into the largest financial co-operative in Canada and the eighth largest in the world, with assets of more than $510 billion as of December 31, 2025.
Of course, we cannot talk about Desjardins’s success without mentioning its expansion beyond the borders of Quebec.
Desjardins credit unions are well represented in French-speaking Ontario and New Brunswick, for example.
Despite its considerable expansion, Desjardins has never lost sight of its roots.
Its cooperative structure — owned by its members — ensures that decisions are guided not only by financial performance, but also by the well-being of its communities. Its credit unions remain deeply rooted in local life, supporting families, entrepreneurs and community organizations far beyond traditional banking services.
As a former banker, I can say that institutions like Desjardins strengthen our entire financial sector.
Competition and diversity of institutional models are essential to a healthy financial ecosystem. Cooperative institutions bring a distinct perspective — one that prioritizes long-term stability, prudent management and community impact.
This approach has proven its worth time and again.
The Canadian financial system is widely recognized as one of the most stable and resilient in the world — and I say that to anyone who will listen. One of the reasons for this resilience is precisely the presence of strong cooperative institutions operating alongside chartered banks and other financial players.
Desjardins is a striking example of how a member-owned organization can combine financial rigour with a social mission.
Of course, anniversaries are not just moments to reflect on the past; they are also opportunities to look ahead. The financial sector is evolving rapidly. Digital transformation is reshaping how Canadians interact with their financial institutions, and new technologies are redefining expectations in terms of accessibility, speed and personalization.
In fact, the Desjardins Group was named Canadian Bank of the Year in 2025 by The Banker magazine, a well-deserved recognition in this milestone year. This distinction reflects, in part, the organization’s major transformation aimed at simplifying banking operations and improving access to financial services for its members and clients.
Today, approximately 85% of customer interactions and 96% of transactions are conducted digitally, primarily via mobile devices. These figures are remarkable and place Desjardins among the leaders in its field. Innovation, in fact, has long been part of its DNA. Desjardins was the first financial institution in Canada to introduce online banking as early as 1996. I’m sure that is a surprise to many.
At the same time, the global economy is confronting major challenges, including the transition to a lower-carbon economy and the growing importance of sustainable finance. Institutions like Desjardins will play an important role in navigating these transformations.
Their co-operative structure uniquely positions them to balance innovation with responsibility, investing in new technologies while remaining firmly focused on the needs of their members and the vitality of their communities. Communities are important to Desjardins.
Equally important is their ongoing commitment to community development.
For generations, Desjardins has supported local projects, cultural initiatives, small businesses and social organizations across Quebec and Canada. These investments help strengthen the social fabric and ensure that more people get to share in our economic prosperity.
In a constantly changing economy, the cooperative values that guided Alphonse Desjardins more than a hundred years ago remain deeply relevant: solidarity, prudence and community.
These principles remind us that finance is not an end in itself. It is a tool that can empower individuals, support families and help communities prosper.
I’m thinking in particular of the Desjardins Foundation, which, in 2024 alone, invested nearly $7 million to support young people’s full potential. Over half a million Quebec youth benefited from these initiatives.
As we celebrate the Desjardins Group’s one hundred and twenty-fifth anniversary, we are also celebrating the enduring strength of the cooperative model, a model that puts people at the heart of economic life and ensures that financial institutions remain deeply connected to the communities they serve. That is precisely why co-operative institutions are so important to the economic fabric of Canada.
For 125 years, Desjardins has proven what can be accomplished when financial innovation is guided by a social mission.
Let’s hope that the next 125 years will carry on this proud tradition. Congratulations to the members, employees, leaders and communities who have built and supported the Desjardins Group and who continue to do so. Their work reminds us that when finance truly serves people and communities, society as a whole benefits.
