Profit up for Federated Co-operatives
Profits are up for the largest co-operative in Western Canada, and so is the amount of money the co-op is returning to members. Federated Co-operatives Limited recently reported earning $575 million on revenues totaling $9.8 billion in 2017. This compares with the $515 million in profit it made during the 2016 fiscal year. Federated Co-op said in a news release that it will return $408 million to its retail co-op owners this year. In 2016, by comparison, the co-op gave back $364 million. FCL has returned more than $4.5 billion to its member-owners over the last decade. That money goes to more than 1.8 million members in almost 600 communities in Western Canada. Scott Banda, the co-operative’s CEO, said in a statement that the company —which is owned by190 retail co-operative associations in B.C., Alberta, Saskatchewan and Manitoba—took steps during the year to make its local co-ops more competitive. “While the past year brought many challenges, Federated Co-op is a diverse organization and we continue to see positive results by operating efficiently and effectively while strengthening our commitment to local retail co-operatives and communities throughout Western Canada,” said Banda.
Manitoba’s NorWest Co-op makes best employers list
Manitoba’s NorWest Co-op has made it to the 2018 Aon Best Employers in Canada list. This is the second consecutive year that the community health centre has been recognized as a Platinum Level Aon Best Small & Medium Employer and a leader in workplace excellence. “This accomplishment demonstrates our strong workplace culture, especially during a time of uncertainty in health care in our province,” said Nancy Heinrichs, executive director of NorWest. “Our team continues to make a difference in the lives of our clients and community, and we are incredibly proud of them for making NorWest one of the top organizations to work for in Canada,” she said. NorWest Co-op Community Health focuses on engaging the community in co-operative health and wellness, and is the only healthcare co-operative in Manitoba.
Group of Saskatchewan credit unions are included in a partnership with credit union giant Desjardins
The consolidation in the credit union movement is continuing. The latest move sees Quebec credit union Desjardins Group partnering with five credit union centrals across the country—including in Saskatchewan—and insurer Cumis Group Ltd. to form Aviso Wealth, with more than $55 billion in combined client assets. Aviso Wealth will be jointly owned by Desjardins and a limited partnership, including the Credit Union Central of Saskatchewan, the Atlantic Central, Central 1 Credit Union, the Credit Union Central of Manitoba, the Credit Union Central of Alberta and Cumis. Credit Union Central of Saskatchewan—also known as SaskCentral—is owned by the province’s 46 credit unions. SaskCentral CEO Keith Nixon said the move is about offering “a more integrated and stronger wealth management offering for credit union members. “It’s just an example of the cooperative credit union system nationally to come together and bring scale and capability to an offering that is more competitive to other financial providers in the community,” he said. The credit union centrals represent about 300 credit unions across Canada. Ontario-based Cumis is owned jointly by Co-operators Life Insurance Co. and Central 1 Credit Union.
A number of B.C. credit unions now offering Apple Pay
The Canadian Credit Union Association recently announced that three more Canadian credit unions now offer their members Interac Debit on Apple Pay, including Envision Financial Members of these credit unions using iPhone and Apple Watch will be able to make purchases directly from their chequing or savings accounts at retailers displaying the InteracFlash logo. Apple Pay is said to be transforming mobile payments with an easy, secure and private way to pay that’s fast and convenient. “Apple Pay provides another great digital payment option for Canadian credit union members, allowing them to shop in a way that is easy, convenient and secure,” said Martha Durdin, president and CEO of the association. “It is a great example of how credit unions work together to provide their members choice in payments.” Other B.C. credit unions involved in the development of Apple Pay for credit unions include: Island Savings, Prospera Credit Union and Valley First.