Western Financial Group and Coast Capital Savings complete sale of Coast Capital Insurance Services Ltd.

VANCOUVER, July 2, 2013 /CNW/ - Western Financial Group (Western) and Coast Capital Savings Credit Union (Coast Capital) announced today the closing of the sale of Coast Capital Insurance Services Ltd. (CCIS) that will see ownership of Coast Capital's property, commercial and casualty insurance subsidiary transferred to Western. Western and Coast Capital first announced the sale of CCIS in a joint news release on May 16, 2013.

Under the terms of the agreement between Western and Coast Capital, CCIS branches will continue to operate under the CCIS name for at least two years and Western will continue to employ all of CCIS's 242 staff members.  Coast Capital and Western will also work closely together to identify mutually beneficial business opportunities. Coast Capital will continue to offer life and disability insurance through its subsidiary, Coast Capital Financial Management Ltd.

Western is the largest and fastest growing insurance brokerage in Western Canada, and the purchase of CCIS retail locations across the Lower Mainland and southern Vancouver Island complements the 29 branches in 22 communities they currently operate throughout British Columbia.

About Western Financial Group
Western Financial Group is a western Canada based, diversified, financial services company serving more than 600,000 customers. Founded in 1996 and headquartered in High River, Alberta, Western provides insurance services through more than 120 office locations and the Internet (www.westernfinancialgroup.ca). With a skilled team of approximately 1,600 employees, and backed by the strong resources of its owners, Western is committed to building the strongest financial services company in Western Canada.

Western Financial Group is a subsidiary of Desjardins Group, the leading co-operative financial group in Canada.

About Coast Capital Savings
Coast Capital Savings Credit Union is Canada's largest credit union by membership with 504,000 members, total assets under administration of $14.6 billion and 50 branches in the Metro Vancouver, Fraser Valley, and Vancouver Island regions of British Columbia. Product innovations include Canada's first free chequing account from a full-service financial institution and the country's most flexible mortgage product, the You're the Boss™ Mortgage, which was named 2010 Mortgage of the Year by canadianmortgagetrends.com. Coast Capital offers one of Canada's 10 Most Admired Corporate Cultures™. It is a member of Canada's Best Managed Companies Platinum Club and an Imagine Canada Caring Company. To learn more, visit www.coastcapitalsavings.com.

About Desjardins Group
Desjardins Group is the leading cooperative financial group in Canada with assets over $200 billion. Drawing on the strength of its caisse network in Québec and Ontario and its subsidiaries across Canada, it offers a full range of financial products and services to its members and clients. Desjardins specializes in Wealth Management and Life and Health Insurance, in Property and Casualty Insurance, in Personal Services, in Business and Institutional Services. Best Corporate Citizen in Canada for 2012 and among Canada's Top 100 Employers, Desjardins is supported by the skills of its 44,942 employees and the commitment of 5,268 elected officers. Desjardins members and the general public are invited to visit Desjardins Group's education and cooperation program website at www.desjardins.com/co-opme.

SOURCE: Western Financial Group