Zag Bank

Zag Bank is a chartered Canadian bank that ended its business by the second quarter of 2019.[1] Previously known as Bank West, it was founded in High River, Alberta in 2002. The bank is wholly owned by Desjardins Group.

Zag Bank
Subsidiary
IndustryBank
Founded2002
HeadquartersCalgary, Alberta
Key people
David Raju (President & CEO
ProductsFinancial services
Number of employees
66
ParentDesjardins Group
Websitewww.zagbank.ca

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 that they would be closing down and going out of business.[1]

See also
  • List of Canadian banks

References
  1. 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.
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