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Our Story

Committed to Canada’s credit unions

The Beginning

2005: Day one! SaskCentral and Co-operative Trust join forces creating Concentra.

2008: Concentra adopts bold 3R strategy – restructure, rebuild, renew – as the global financial crisis takes hold.


2010: Concentra exits retail financial business to focus 100% on serving credit unions.

2011: To better serve credit unions, three distinct business lines emerge: financial intermediation, trust and leasing.

2012: New five-year plan puts focus on credit unions, core values and four long-term goals.


2015: Concentra achieves a $7 billion balance sheet and $34 billion in assets under administration.

2016: Concentra pays shareholder dividend for the eighth consecutive year.

Next Chapter

2017: Concentra continues, becoming a schedule one charter bank under Canada’s Bank Act.

Our Story 

Concentra was formed by the co-operative movement working together. In 2005, SaskCentral and Cooperative Trust joined forces to create a new business venture to serve credit unions in new and different ways. Concentra was established under the new Cooperative Credit Association Act (CCAA) as Canada's only federally-regulated financial co-operative retail association.

SaskCentral owned a majority stake in Co-operative Trust, which had national powers through the federal Trust and Loan Companies Act. The intent for the consolidation was to streamline SaskCentral to its core functions, and move all non-core functions into Co-operative Trust. At the time, The Office of the Superintendent of Financial Institutions (OSFI), the federal regulator, was uncomfortable with SaskCentral comingling their commercial operations (non-core functions) with statutory liquidity (core functions). This was the main driver behind creating Concentra, with a mandate to provide both wholesale/commercial and trust solutions to the Canadian credit union system.

The founding companies envisioned a solutions provider with unprecedented national reach, to help credit unions become fierce competitors in the financial services marketplace. At the time, trust services were established across the system, while the idea of leveraging wholesale finance as a competitive advantage was relatively new to credit unions.

We're proud of how much we've accomplished. Today, Concentra is a strong, stable, national financial institution. We're focused on delivering a robust slate of wholesale and trust solutions that help credit unions optimize financial performance, diversify risk and meet their members' needs. Currently serving over 85% of Canadian credit unions, we're working hard to see that number grow to 100%.

The Concentra story doesn't end here. The success of the credit union system matters a lot to us, and for that reason, we see an even larger role for Concentra in helping credit unions grow and prosper within the financial services space.

In fact, through continuance under the Bank Act on January 1, 2017, Concentra became the first schedule one chartered bank focused on providing financial services to Canada's credit union system. Moving forward as a bank, Concentra will continue to prosper with co-operative values driving our business.

Concentra's strength comes from deep roots in the co-operative system, built on shared values to grow and serve credit unions across Canada.