MONTREAL, Quebec–Desjardins Group, a federation of credit unions (known as caisses populaires) primarily in Quebec, has announced plans to cut its branches and ATMs by approximately 30% through 2027.
The Desjardins Group represents 290 credit unions and currently operates 669 physical branches and 1,559 ATMs across Ontario and Quebec.
According to the organization, the reductions are the result of consumers’ increasing use of online banking, CBC News reported.
"We saw significant increases during the pandemic, although it was a trend that had been ongoing for several years," Nathalie Larue, executive vice-president of personal services at Desjardins, said during an interview on Radio-Canada.
Larue added that the decision was also fueled by members demanding more online appointments as opposed to in-branch consultations.
“This means that locations in major cities like Toronto and Montreal could be at risk of shutting for good,” CBC reported.
Desjardins has already closed dozens of locations since 2022, the report added.
Decision Will be Up to Boards
A spokesperson for Desjardins, Jean-Benoît Turcotti, told CBC the decision as to which locations will close would be down to boards that oversee the credit unions, with the boards looking at data that showed how often each center or ATM is being used.
The company said that only 4% of its transactions had been accounted for through these in-person services.
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