CDPQ provides $125M debt financing to Meridian Credit Union

CPE News (2/25/2020) – Caisse de dépôt et placement du Québec (CDPQ) has provided a $125 million financing, in the form of subordinated private debt, to Meridian Credit Union, the largest credit union in Ontario and the third largest in Canada.

The funding provides Meridian with additional capital to continue its growth and to diversify its products and services.

St. Catharines, Ontario based Meridian offers a range of personal and commercial loans, mortgages, wealth management, credit cards and insurance services through a network of 92 branches across Ontario and 14 business banking centres.

Meridian was advised by CIBC Capital Markets in connection with the financing.

photo credit: Meridian

News Release

Meridian obtains $125 million in financing from CDPQ

Fixed Income Montréal, February 25, 2020

Caisse de dépôt et placement du Québec (CDPQ) announced today the closing of $125 million in financing to Meridian, the largest credit union in Ontario and the third largest in Canada.

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 offers a range of personal and commercial loans, mortgages, wealth management, credit cards and insurance services through a network of 92 branches across 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 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.”

“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.”

Meridian was advised by CIBC Capital Markets.

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2019, it held CA$340.1 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

ABOUT MERIDIAN

With more than 75 years of banking history, Meridian is Ontario’s largest credit union and the third largest in Canada, helping to grow the lives of more than 360,000 Members. Meridian has $23.9 billion in assets (as at December 31, 2019) and delivers a full range of financial services online, by phone, by mobile and through a network of 92 branches across Ontario, and business banking services in 14 locations. Meridian Members also have access to THE EXCHANGE® Network, with 3,700 no-fee ABMs across Canada and 500,000 ABMs in the United States. For more information, please visit: www.meridiancu.ca, follow us on Twitter @MeridianCU or see our Facebook site.

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For more information

Media contact +1 514 847-5493 medias@cdpq.com