Zag Bank was a Canadian direct bank owned by Desjardins Group. Zag was founded as Bank West in High River, Alberta in 2002 and acquired by Desjardins in 2011 along with the other Western Financial Group companies. Desjardins announced on November 5, 2018 the winding down of operations for Zag Bank effective 2019.[1]

Zag Bank
TypeSubsidiary
IndustryBanking
Founded2002
Defunct2019
HeadquartersCalgary, Alberta
ProductsFinancial services
Number of employees
66
ParentDesjardins Group
Websitewww.zagbank.ca

HistoryEdit

The Western Financial Group initially focused on insurance consolidation, but expanded into banking in 2002, when Bank West was established. The bank maintained offices in High River and Winnipeg.

The bank acquired Ubiquity Bank in November 2007 and Agrifinancial in February 2009.[2] In 2010, Western Financial was acquired by the Desjardins Group[3] and the transaction was completed in 2011.[4] In 2014, the Desjardins Group changed the name of Bank West to Zag Bank.[5]

On 5 November 2018, Zag Bank announced the end of all remaining operations by the second quarter of 2019.[1]

See alsoEdit

ReferencesEdit

  1. ^ a b Group, Desjardins (5 November 2018). "Zag Bank to wind down its operations". www.newswire.ca. Cision. Retrieved 14 August 2020.
  2. ^ "Western Financial Group Inc. and Bank West Announce Completion of Acquisition of AgriFinancial". Bank West. Retrieved 7 March 2011.
  3. ^ "UPDATE: Desjardins Boosts Western Presence With Western Financial Buy DECEMBER 24, 2010". Wall Street Journal. 24 December 2010. Retrieved 7 March 2011.
  4. ^ "Desjardins Financial Group Acquires 95.5 % of Outstanding Common Shares of Western Financial Group". Western Financial Group. 19 April 2011. Retrieved 2 January 2014.
  5. ^ "2014 Desjardins Group Annual Report (see pages 54 and 144 of the Annual Report in PDF format)". Desjardins Group. Retrieved 27 May 2015.