On the recommendation of the Office of the Superintendent of Financial Institutions (OSFI) and after receiving approval from Ottawa’s Minister of Finance, Canada’s newest bank, Concentra Bank, began operations under the Bank Act on Jan. 1.
Owned exclusively by its credit union partners, Concentra is Canada’s only Schedule 1 charter bank focused on creating value for the credit union system. CEO Ken Kosolofski says that, as a bank, “Concentra now has greater ability to access the financial markets. We’ll use this greater access to deliver more competitive wholesale banking and trust solutions to our credit union partners across Canada, so they in turn are better positioned to compete with the big banks and grow relationships with their members.”
Concentra provides lending and investment solutions to credit unions to enable greater competition with the big banks. ◊